New York’s legalization of marijuana is expected to yield a bumper crop of revenue for the state, with the latest projections saying the stream of money coming into state coffers from weed sales will top $360 million annually by 2028.

Over a 5-year span beginning next year, Gov. Kathy Hochul’s administration is banking on $1.25 billion infusion from cannabis revenue.

The proposed state budget advanced by Hochul would set up a $200 million public-private equity fund aimed at helping individuals from demographic groups identified as having been adversely impacted by marijuana prohibition laws to become involved in New York’s budding industry.

Under the Marijuana Reform Taxation Act approved last year, the state’s equity fund will provide loans, grants and incubator programs to help those deemed qualified for the assistance to become involved in the cannabis trade. Those eligible for the equity applications include disabled veterans, distressed farmers, and women- and minority-owned businesses.

One upstate lawmaker, Sen. Jeremy Cooney, D-Rochester, has authored bills that would broaden the social equity applicants to include transgendered people, gays, lesbians and non-binary people. The latter refers to people who don’t identify with a specific gender.

While current New York law already allows individuals to possess up to three ounces of marijuana, retail shops and consumption shops in municipalities where they are authorized are not expected to begin operating in the state until next year. [Read more at Lockport Union-Sun & Journal]