New York state's path to adult-use cannabis legalization will get clearer Tuesday when Gov. Andrew Cuomo lays out his plan to legalize the recreational use and sale of the drug at his State of the State address at 2 p.m. ET.
Cuomo, who previously opposed legalization efforts, said in a radio interview that legalized marijuana could raise about $300 million in annual revenue for the state through taxes. Cuomo cited legalization in Massachusetts and pending legalization in New Jersey when questioned about whether the state should legalize.
"We're sort of past that bridge ... The recreational sale of marijuana is here," Cuomo told WAMC, according to the Albany Times Union. Cuomo didn't give details on how the legalization efforts will roll out, but he is expected to provide clearer comments as part of his budget plan during his address Tuesday.
Much like Massachusetts, Cuomo said that municipalities that do not want to allow the legal sale of the drug can opt out of providing licenses for sellers.
Some pot stocks were rising Tuesday as one of the country's largest states takes a step toward legalization.
Tilray Inc. (TLRY) - Get Report shares closed down 17.2% in trading, but that stock will be under pressure Tuesday as its IPO stock lockup period has expired and investors wait to see how shareholders react to their new freedom to sell.