Mayoral candidate John Liu wants to legalize marijuana in NYC

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(PIX11) – Mayoral candidate John Liu is proposing an overhaul of the city’s marijuana laws to boost the Big Apple’s revenue.

The City Comptroller believes that legalizing medical marijuana and allowing the recreational use of pot would pump more than $400 million into the city’s treasury.

Liu says the funds would come from a 20% excise tax and the city sales tax imposed on pot sales.

According to a report commissioned by Liu, New York City has a $1.65 billion marijuana market.