Evening Edition: Cities Are Losing Out On Millions In Legal Weed Taxes

The Fox News Rundown

FOX News Podcasts

News, Daily News, Politics

3.4 • 1.7K Ratings

🗓️ 21 June 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

For the past decade, legalizing marijuana has been a massive topic of debate, with lobbyists and advocates drilling down on the idea that state economies were actually missing out on massive tax revenue. In New York, a state that legalized cannabis just two years ago, that theory does not seem to be holding up. Recent reports show New York won't come close to the hundreds of millions in tax revenue that other states generated in their first years following legalization. Fox Business Correspondent Madison Alworth joins the Rundown to explain what is causing New York's first years of its legal weed industry to fail, how illegal marijuana vendors are still thriving post-legalization, and how bureaucratic red tape is giving the illicit markets an upper hand. Click Here To Follow 'The FOX News Rundown: Evening Edition' Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Nike.
0:04.2	It's packed to school season, and you and your child might be feeling a bit anxious.
0:09.0	As a parent, you're the best team mate for your mini-me, and together you can use sport
0:13.2	to help overcome anxiety.
0:15.6	Try something new as a family and celebrate even the little wins you achieve on the journey.
0:19.8	Create long-lasting memories that will take your kids from class to court and beyond.
0:25.5	Go to Nike.com, Ford slash Kids, to get school ready.
0:29.1	I'm Jerry Willis.
0:30.1	I'm Steve Deucey.
0:31.1	I'm Shannon Bream, and this is The Fox News rundown.
0:34.1	Wednesday, June 21st, 2023.
0:40.7	I'm John Sossier.
0:41.7	The use of marijuana for recreational purposes has become all but mainstream in the United
0:46.1	States these days, 23 states along with DC have all made it legal, but the success of
0:50.8	these new laws have been very different depending on the state.
0:54.6	New York, for example, has been a mess.
0:56.9	The legal market still dominates and seems to be running wild and mostly unregulated.
1:01.5	So consumers are buying marijuana in New York.
1:03.8	We're just missing out on the tax revenue because more often than not, they're going to
1:06.6	stores that do not report taxes because they don't have a license.
1:10.1	This is The Fox News rundown.
1:12.2	Evening edition.
	...

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