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New York lawmakers reach marijuana legalization deal

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On Wednesday, New York State officials announced that they have reached a deal to legalize recreational marijuana, The Wall Street Journal reported. Assuming all goes according to plan, legalization would come into effect starting next year.

The deal would allow those in the Empire State to buy and possess up to three ounces of marijuana, as well as grow their own plants, according to The Journal.

The reform measures are planned to be taken up next week by the state Assembly and Senate, lawmakers said, per the newspaper. Gov. Andrew Cuomo (D) has proposed legalizing marijuana in the state budget that is due by next week.

MORE ON MARIJUANA: Election 2020 Statewide Referendums: marijuana, mushrooms, wages, state flags, and more

According to the legislation, a 9% state tax would be levied on retail sales that could generate $300 million a year in new revenues, The Journal reported. Furthermore, cities, towns, and villages could impose an additional 4% sales tax or opt out of allowing local sales and deliveries.

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The deal reportedly includes the founding of a new state regulatory agency—the Office of Cannabis Management—to license growers, retail sales, delivery and on-premises consumption. Although, it was unclear when they might actually begin.

Want to get more details about this story? Then read the full Wall Street Journal report here.

You can follow Douglas Braff on Twitter @Douglas_P_Braff.

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Mavericks Owner Mark Cuban Buys Entire Texas Town

‘No Plans Yet’, Cuban Says About His Purchase of Abandoned Texas Town of Mustang

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Mark Cuban
Photo by Katharine Lotze/Getty Images

Forget becoming Mayor of a town, Dallas Mavericks owner Mark Cuban is now the owner of a town.  Cuban reportedly purchased the entire town of Mustang, Texas. The town is virtually abandoned with no current residents, “and it’s been several years since the last two businesses, Wispers Cabaret strip club and Lion’s Den adult bookstore, operated” reports NBC News.

In a brief email explaining the purchase to NBC News on Friday, Cuban wrote “did it to help out a friend. No plans yet!” The town of Mustang is roughly 65 miles south of American Airlines Center, the home of the Dallas Mavericks.

According to Mike Turner, president of Dallas real estate firm J. Elmer Turner, the town had been for sale on the market about four years, listed after the principal owner Marty Price became ill and decided to sell.

Price was an attorney who died this past August; a devoted basketball fan with Mavericks floor seats. “Mark Cuban stepped up, and it was a natural for him to buy it” Turner told NBC News. “With his resources and imagination, I’m sure there are endless possibilities.”

Turner did not reveal the final sales price but admitted it closed last month for less than the $4 million asking price. Jerry Newsom, chief of the volunteer fire department in the neighboring town of Angus, told NBC Dallas-Fort Worth “we’re excited to have him as our neighbor here, and we’re excited for the growth and the potential it has.”

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