Your neighborhood corner store may get a lot more popular if New York State Assemblywoman Crystal Peoples-Stokes has her way.
Peoples-Stokes, a Democrat representing Buffalo, introduced a bill to the New York State Assembly last week that would legalize the sale, regulation and taxation of marijuana, which if passed would make New York the third state along with Washington and Colorado to approve recreational marijuana sales.
"It means a tremendous amount for the state of New York," Peoples-Stokes said Monday on "Squawk on the Street." "It will add to our revenue. It will decrease the cost we spend on incarcerating people, in particular, people of color. It will decrease the cost we spend on the courts."
Peoples-Stokes is proposing that New York state adopt a marijuana excise tax that would cost $50 per ounce. After the excise tax, municipalities that decide to allow retail marijuana licenses can tax pot sales up to 5 percent. She contends that authorities can stop underaged buyers—younger than 18, per her recently introduced bill—because they already do so with tobacco products.
(Read more: WeedMaps: Meet the Yelp of the marijuana business)