New York poised to legalize marijuana as lawmakers agree on terms

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Lawmakers in New York have come to terms on a measure to legalize marijuana, which would make the state the 15th in the country to allow recreational use of the drug, Reuters reported.

The proposed bill would establish a regulatory structure for controlling marijuana sales, according to CNN, which cited a legislative source familiar with negotiations and an internal legislative memo that it obtained.

The proposed bill, would apply a 13% excise tax to retail marijuana sales and would eventually allow New Yorkers who are at least 21 years old to grow plants at home, CNN said.

The bill, the terms of which were still being reviewed, could go to a vote in the Assembly and Senate as early as next week, The New York Times said, citing three people familiar with the negotiations.

Governor Andrew Cuomo is on board with the agreement, which was negotiated by Assembly Majority Leader Crystal Peoples-Stokes and Senate Finance Committee Chair Liz Krueger, the Times reported.