Katelyn Baker
Well-Known Member
New York's medical-marijuana program isn't producing the high tax revenues that officials anticipated.
Gov. Cuomo's administration initially projected $4 million in annual revenues based on a 7 percent excise tax on sales of medical pot, which began in January 2016.
But revised estimates in the governor's financial plan released Tuesday say curative cannabis will generate just $500,000 in tax revenues for the fiscal year ending March 31, and $1 million each succeeding year.
The figures were first reported by Politico NY.
By comparison, the more established California medical-marijuana program took in $58 million in tax revenue in 2015.
"This has never been a significant part of this state's financial plan and has always rightly been treated as a public-health issue, not a revenue issue," said Cuomo's budget spokesman, Morris Peters.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: New York's Medical-Marijuana Program Falls Short Of Projections
Author: Carl Campanile
Contact: 212.930.8253
Photo Credit: Getty Images
Website: New York Post
Gov. Cuomo's administration initially projected $4 million in annual revenues based on a 7 percent excise tax on sales of medical pot, which began in January 2016.
But revised estimates in the governor's financial plan released Tuesday say curative cannabis will generate just $500,000 in tax revenues for the fiscal year ending March 31, and $1 million each succeeding year.
The figures were first reported by Politico NY.
By comparison, the more established California medical-marijuana program took in $58 million in tax revenue in 2015.
"This has never been a significant part of this state's financial plan and has always rightly been treated as a public-health issue, not a revenue issue," said Cuomo's budget spokesman, Morris Peters.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: New York's Medical-Marijuana Program Falls Short Of Projections
Author: Carl Campanile
Contact: 212.930.8253
Photo Credit: Getty Images
Website: New York Post
