Expert Pitch

Marijuana legalization won’t fix NY’s budget deficit anytime soon

Cornell University
28-Oct-2020 2:25 PM EDT, by Cornell University

This election, New Jersey voters will decide if the state should legalize marijuana. If passed, this could possibly accelerate legislative efforts in New York where Gov. Andrew Cuomo has said legalizing adult-use marijuana could be a way to help with the state's multi-billion-dollar budget deficit.

Carlyn Buckler is an associate professor of practice with Cornell University’s School of Integrative Plant Science and an expert on the cannabis industry. Buckler says that marijuana legalization can lead to revenue gains, but due to expensive startup costs for cannabis growers and processors, it may be years before legalization in New York — if passed — would help to make up for the coronavirus-fueled budget deficit.


Cornell also has an interdisciplinary team of researchers and extension specialists studying how New York can move forward in developing its hemp industry.

Buckler says:

“States – especially California – have had huge gains in revenue from marijuana, but that took a long time. It all depends on how the regulations, taxes and incentives are implemented, and what we wind up in the hole for with COVID-19. Startup costs in this industry are significant, and if we’re going to get this off the ground, growers and processors will need capital in the form of low-cost loans, etc. It may be years before that money can come around to help make up for what COVID-19 has done.

“There is, unfortunately, very little state-to-state post legislation data on how states that have legalized marijuana have influenced the states around them who have not. This is a state-by-state business and each has their own laws and regulations. What happens in New Jersey will probably not have that much affect in New York. What will make a difference, is farmers and those who want to get into the industry contacting Cuomo and state legislators to express their support for the legislation.”

- 30 -

Filters close

Showing results

110 of 5688
Released: 4-Dec-2020 9:00 AM EST
Conference on Corporations and Democracy
Stanford Graduate School of Business

Corporations do not vote in elections, but their impact on democratic societies is immense.

Newswise: 250494_web.jpg
Released: 3-Dec-2020 2:05 PM EST
Why does it matter if most Republican voters still think Biden lost?
University of Rochester

As President-elect Joe Biden and his administrative team officially begin the transition process, only about 20 percent of Republican voters consider him the true winner of the election.

Released: 2-Dec-2020 7:15 AM EST
Congress Must Act To Fortify Health Care System And Protect Access To Care
American College of Radiology (ACR)

The final 2021 Medicare Physician Fee Schedule fails to avert the potential impact on seniors of payment cuts to more than a million health care providers already reeling from COVID-19’s financial impact. If Congress does not act now to address these changes, the results may be devastating for patients, communities and providers.

Released: 1-Dec-2020 11:10 AM EST
‘Fairmandering’ data tool makes redistricting more representative
Cornell University

A new mathematical method developed by Cornell University researchers can inject fairness into the fraught process of political redistricting – and proves that it takes more than good intent to create a fair and representative district.

Newswise: Efficient In-person voting observed by URI VOTES research team
Released: 30-Nov-2020 4:30 PM EST
Efficient In-person voting observed by URI VOTES research team
University of Rhode Island

The 2020 election is all but complete, but a team of researchers at the University of Rhode Island is still crunching the numbers – not the number of votes, but the statistics used to determine the efficiency of in-person voting in Rhode Island, Nebraska and Los Angeles.

Showing results

110 of 5688