Under the new law signed by Gov. Andrew Cuomo on Wednesday, New Yorkers are legally allowed to possess up to 3 ounces of weed and can grow their own plants at home, up to six plants per household. The law expunges the records of those who were previously convicted of having a now-legal amount and calls for their resentencing. The legislation also creates the Office of Cannabis Management, which will oversee the state’s distribution, sale, and regulation of weed for both recreational and medical purposes, and a five-member Cannabis Control Board. Under this new law, New York is also the first state where residents are allowed to smoke in any public areas where tobacco is allowed.

According to the governor’s office, the legislation could produce $350 million in annual tax revenue and create about 60,000 new jobs. ‘This is a historic day in New York,’ Cuomo said in a statement, ‘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.