Following legalization in nearby states such as Massachusetts and New Jersey, New York has finally reached a deal to legalize marijuana for recreational use.

The bill was introduced to the Senate March 27, and would allow for the legalization, regulation, and taxation of cannabis for adults. The official vote will likely take place Tuesday, March 30, reports ABC. If passed, the legislation would be signed into law by Gov. Cuomo and take effect immediately. Here’s everything you need to know about New York’s proposed marijuana legislation.

Legal Age

Like other states, the legal age for marijuana use will be set at 21.

Marijuana Plants

Individuals can grow up to three mature and three immature plants for personal use.

Purchase Availability

While legalization will take effect immediately if the bill is passed, it may take up to 18 months for legal sales to begin. This allows New York to establish rules and propose a cannabis board.

Selling License

A state license is required for marijuana sellers to deliver cannabis products, reports PIX11. Local governments have the authority to opt out of retail sales.

Breaking News: New York State officials said they reached a deal to legalize recreational marijuana, paving the way for a potential $4.2 billion industry. https://t.co/JLq76LSZi9

— The New York Times (@nytimes) March 25, 2021

Decriminalization

The state would eliminate penalties for those possessing less than three ounces of cannabis, and expunge the records of people convicted of marijuana-related offenses that are now considered legal. This attempts to address racial inequities in marijuana policies that targeted minority communities.

Job Opportunities 

This legislation, if passed, will create thousands of job opportunities for New Yorkers. Grants will be provided to encourage minority communities and other marginalized groups to participate in the economic opportunities provided by cannabis sales.

Taxes 

New York would impose a 9% tax on cannabis sales, and an additional 4% split between the county and local government. Based on the level of THC (the psychoactive compound of cannabis), an additional tax would be imposed. This would range from .5 cents/mg for flower, and 3 cents/mg for edibles.

Revenue

Gov. Cuomo’s administration estimates the new cannabis legislation could generate $350 million each year. Revenues will be set aside to cover costs of regulation and abuse prevention, among other expenses.