ALBANY, N.Y. (WSYR) — Gov. Andrew Cuomo signed legislation legalizing adult-use marijuana on Wednesday morning, fulfilling a key component of his 2021 State of the State agenda. The signing comes after a three-way agreement made on Sunday between the governor’s office, Senate Majority Leader Andrea Stewart-Cousins, and Assembly Speaker Carl Heastie.

“This is a historic day in New York—one that rights the wrongs of the past by putting an end to harsh prison sentences, embraces an industry that will grow the Empire State’s economy, and prioritizes marginalized communities so those that have suffered the most will be the first to reap the benefits.” Governor Cuomo said. “This was one of my top priorities in this year’s State of the State agenda and I’m proud these comprehensive reforms address and balance the social equity, safety and economic impacts of legal adult-use cannabis. I thank both the Leader and the Speaker, and the tireless advocacy of so many for helping make today’s historic day possible.”

Under this legislation, the development of the adult-use cannabis industry has the potential to create significant economic opportunities. Tax collections from the program are projected to reach $350 million a year. The industry also expects to create 30,000 to 60,000 new jobs.