new york legal weed
The New York State Capitol in Albany, N.Y.
John Greim/LightRocket via Getty Images
  • After years of languishing in the state legislature, legal weed could finally arrive in New York.
  • Lawmakers agreed on a bill with broad Democratic support on Wednesday.
  • Reports from the Capitol were light on details, but the bill is poised to pass.
  • See more stories on Insider's business page.

A legalized cannabis bill is poised to be passed and signed into law in New York following a three-way agreement between the Assembly, Senate, and governor's office.

Early reports from the capitol in Albany indicate that the major hangup prior to the agreement was over how impaired driving would be enforced, but now the Democratic super-majority legislature is ready to vote on it once it's brought to the floor in each chamber, according to the Democrat and Chronicle.

Bloomberg News was first to report on the deal, with lawmakers settling on language in the bill on Wednesday afternoon. The bill is expected to largely mirror those from neighboring states, where the legal age to purchase would be 21.

Legalized cannabis arriving in the Empire State could be a major market-moving event, with New York City's population of more than 8 million and promise of tourism returning to pre-pandemic levels offering a major boost to the industry.

Read more: New York is pushing to legalize marijuana. Here are the prime acquisition targets and the types of deals you can expect.

At his COVID-19 press briefing on Wednesday, Gov. Andrew Cuomo said legalizing marijuana would be one of his top priorities ahead of the April 1 budget deadline.

Other attempts at legalizing cannabis in New York have fallen short in previous legislative sessions, despite its promise of increased tax revenue and as neighboring states such as Vermont, Massachusetts, and New Jersey have enacted their own programs.

Details from early reports were sparse, but the bill reportedly involves the ability of New Yorkers to grow their own plants and for municipalities to opt-out of having any dispensaries move in, according to Spectrum News along with the Democrat and Chronicle.

In response to concerns from lawmakers and advocates worried about most of the profits from legalization going to big business and investors, the bill also includes provisions for a "social equity fund" that would send some of the tax revenue to after school and job placement programs, according to Spectrum News.

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