BREAKING: Bill legalizing cannabis in New York signed by Gov. Cuomo

There will be no limit on how much cannabis a person can possess inside the home, but it must be kept from children. People will not be able grow cannabis plants at home until 18 months after the first adult-use sales begin. Once that. Period begins, people 21 and over will be able to grow three mature and three immature plants at a time, with a limit of six mature and six immature plants per household.

People outside the household will be able to possess up to three ounces of cannabis and 24 grams of cannabis concentrate.

In a statement released from Gov. Cuomo’s office Tuesday night, Gov. Cuomo said the landmark legislature would help provide some justice for communities disproportionally affected by the prohibition of cannabis.

"For too long the prohibition of cannabis disproportionately targeted communities of color with harsh prison sentences and after years of hard work, this landmark legislation provides justice for long-marginalized communities, embraces a new industry that will grow the economy, and establishes substantial safety guards for the public," the statement reads.

"New York has a storied history of being the progressive capital of the nation, and this important legislation will once again carry on that legacy. I look forward to signing this legislation into law," it continues.

This signing follows state lawmakers passing the legislature on Tuesday.

"This legislation is a momentous first step in addressing the racial disparities caused by the war on drugs that has plagued our state for too long. This effort was years in the making and we have finally achieved what many thought was impossible, a bill that legalizes marijuana while standing up for social equity, enhancing education and protecting public safety," Senate Majority Leader Andrea Stewart-Cousins stated.

In addition to legalizing cannabis use, the bill will establish a licensing system, expand the medical marijuana program in the state, and create the Office of Cannabis Management.

Gov. Cuomo has reportedly said that the legalization of cannabis would bring in $350 million in tax revenue per year and create 30,000 to 60,000 jobs across the state.

According to Gov. Cuomo’s office, tax revenue collected from cannabis sales would be used to cover the cost of the program implementation. Money remaining afterwards would be split with 40 percent going towards education, another 40 percent going to a Community Grants Reinvestment Fund, and the remaining 20 percent would go to the Drug Treatment and Public Education Fund.

Towns and cities can opt out by December 31 of allowing adult use cannabis retail dispensaries or on-site consumption licenses.