March 31, 2021

STATEMENT BY DFS SUPERINTENDENT LINDA A. LACEWELL ON LEGALIZATION OF RECREATIONAL MARIJUANA:

“New York State’s legalization of recreational marijuana provides a path to a well-regulated industry that protects New York residents. The New York State Department of Financial Services (DFS) looks forward to working closely with the Office of Cannabis Management, an independent office within the State Liquor Authority, to create and implement the law and regulations needed to protect New Yorkers and guide our regulated financial institutions and insurers. Legalization of recreational marijuana not only provides important regulatory oversight, but also a measure of justice for communities of color that have been disproportionately impacted by marijuana-related arrests, and adds much needed tax revenue, which will be used to fund important community services including community banking, financial literacy, mental health and substance abuse disorder programs. The additional tax revenue will also help New York State’s economy rebuild and recover during this difficult time. I commend the New York State Legislature and Governor Cuomo for swiftly adopting this legislation.”

###