Money from marijuana legalization could fix MTA: report

An NYU think tank is high on fixing the cash-strapped Metropolitan Transit Authority.

A new report out Wednesday by the Rudin Center for Transportation Policy and Management urges the statewide legalization of recreational marijuana — in order to get more green into mass transit.

“No new revenue source can match a tax on weed, ” Mitchell Moss, the director of the NYU Rudin Center for Transportation Policy and Management, asserted to The Post. “New Yorkers deserve a subway system that is as productive as they are. It is time for New York to legalize and tax cannabis — and to designate the revenues for mass transit.”

A potential tax imposed on marijuana — if pot becomes legalized in New York — “would provide a way for the MTA to address many of their operating and capital requirements,” the center said.

Marijuana is currently legal for adult recreational use in 10 states, plus Washington D.C.

The report, citing BDS Analytics — a leading source for cannabis industry data — says that the legal pot industry in North America reached $9.2 billion in 2017 and “is projected to generate $47.3 billion over the next decade.”

“This report argues that the subways need a dedicated revenue source with the potential for growth in future decades — one that does not divert funds from other public services, and that has yet to be tapped by the state and local government,” the paper reads.

Several states, including Colorado, Washington and Oregon, have already reported “higher-than-expected tax revenues” from the legalization of marijuana, the report notes

The state Health Department has already backed the legalization of recreational cannabis.

In July, the department released a report saying that legal marijuana sales could generate between $248.1 million and $677.7 million in revenue for the state in the first year alone.

Source: Read Full Article