Comptroller: New York could create $3.1B market if it legalizes marijuana

New York City Comptroller Scott Stringer told CNBC on Wednesday that Big Apple could create a $3.1 billion market if it legalizes marijuana.

Stringer also said that New York as a state would gain $435.7 million annually in tax revenue and New York City would get about $336 million.

“This is a new revenue stream,” he said.

“This is going to impact the kinds of resources we’ll have to invest in education, to invest in healthcare.”

The legislation to legalize marijuana use throughout New York is currently pending in Albany.

Stringer made his estimate by mirroring trends in both Washington state and Colorado, where recreational marijuana is legal.