Shortly after 10:30 p.m. Tuesday evening, the New York State assembly voted 100-49 to pass the marijuana legalization bill.
Gov. Andrew Cuomo has said he will sign the bill into law once it reaches his desk.
Under the final legislation, 3 ounces of marijuana will be legal to possess for New Yorkers over 21 and the substance will have a 13% sales tax. The tax revenues will be broken up with 9% going to the state and 4% going to localities, according to the legislation.
The governor's office said as many as 60,000 new jobs could be created and the state will generate $350 million in revenue annually, as a result of the new laws.
Residents will also be allowed to grow marijuana at home, with a limit of three mature plants for adults over 21 and six mature plants per household.
Anyone previously convicted of possessing an amount of marijuana now under the legal limit will automatically be subject to expungement and resentencing.
Once the bill is signed, New York will be the 15th state to allow for recreational marijuana among adults.
The legislation will create the Office of Cannabis Management, which will regulate the sale and distribution of both recreational and medical marijuana, which was legalized in 2014.
A five-member board will lead the office with three members appointed by the governor and one appointed by each house of the legislature, according to the legislation.
Sales might not start until 2022, as the state will take time to establish its regulatory framework, legislative sources told ABC News.
New York legalizes recreational marijuana, expunges former pot convictions originally appeared on abcnews.go.com