Gov. Andrew Cuomo and the leaders of the state Senate and Assembly announced the deal on the amended Marijuana Regulation and Taxation Act Saturday night.
The bill, which is expected to come up for a vote next week, will split revenues from the state’s marijuana industry between schools and public educations, communities “disproportionately impacted by the drug war,” and drug treatment, prevention and education programs, State Sen. Liz Krueger (D-Manhattan) said.
Pot sales to New Yorkers aged 21 and older will come with a 9 percent sales tax, plus an additional 4 percent tax to be split between county and city/town/village governments; those convicted of selling will have their records automatically expunged, and the state’s medical marijuana program will be expanded.
Cuomo said the legislation could bring $350 million in annual taxes and potentially create 30,000 to 60,000 jobs.
“When this bill becomes law, New York will be poised to implement a nation-leading model for what marijuana legalization can look like,” Krueger said.