Legalized Recreational Marijuana In New York Paves Way For Revenue Being Re-Invested Into Minority Communities

New York state lawmakers could pass legislation as soon as next week legalizing recreational marijuana. The deal paves the way for a multi-billion dollar industry with some revenue being re-invested into minority communities; CBS2's Dave Carlin reports.

Video Transcript

DANA TYLER: New York state lawmakers could pass legislation as soon as next week legalizing recreational marijuana. The deal paves the way for a multibillion dollar industry with some revenue being reinvested into minority communities. CBS 2's Dave Carlin reports.

DAVE CARLIN: New York state expects to light up its economy with this controversial industry worth a potential $4.2 billion. In terms of state sales tax revenue alone, New York rakes in about $350 million per year, with a 13% tax divvied up 9% for the state and 4% for local governments. At the retail store, Weed World near Times Square, the plan is for currently legal hemp, CBD, and other products to be joined by sales and deliveries of recreational marijuana.

MIKE GUIDA: It releases stress, gets people off medications that they're not supposed to be on. I think it's a positive thing for New York.

- However, for me, personally, I don't agree with it.

DAVE CARLIN: New York becomes state number 15, allowing those 21 and older to legally have 3 ounces for personal use and a limited number of plants they grow at home. If officials in a certain city or village want to opt out, they can, by keeping sales and deliveries of recreational marijuana illegal in their jurisdictions.

PAUL OLIVIA: The downsides, over time, or may outweigh any benefit they might get from tax revenue.

DAVE CARLIN: Paul Oliva is police chief of Mount Pleasant in Westchester County. He predicts trouble with enforcement.

PAUL OLIVIA: There's currently no definitive test to tell the level of intoxication of a person.

DAVE CARLIN: But others hail the job creation and funding that comes with splitting the revenue like this. 40% going to social and economic equity programs, another 40% for state education, and the remaining 20% for drug education. The final yes vote in Albany is expected within days for a law that would take effect next year. In midtown, Dave Carlin, "CBS 2 News".

DANA TYLER: Makers who support this hope it ends policing that was racially disproportionate, resulting in people of color being arrested on low level marijuana charges for more-- more frequently than whites.