New York has slowed its rush to legalize recreational marijuana. However, the speculated value of the market continues to attract lawmakers. The Rockefeller Institute made several projections regarding the state’s potential economic impact from legal marijuana.
It’s estimated that the economic output could be around $4.1 billion, on the low side, WGRZ 2 News says. It’s also estimated that the new industry could create as many as 30,731 jobs. But, if the market really takes off, as it’s expected to, the state could reap an economic impact of about $8.4 billion.
On the higher end of the projection, job creation from the marijuana industry could reach 63,271 in New York state.
Those projections are impressive. Many states underestimate the potential for legal marijuana markets, so New York’s economic impact from legal marijuana could be much more than projected if properly implemented.