Last month the city of New York passed legislation to legalize the use of recreational marijuana. This deal has the potential to create thousands of new jobs, particularly in low-income communities, in addition to potentially creating one of the largest markets in the country. The industry has been estimated to have the potential to reach a value of $4.2 billion.

Despite several failed previous attempts, lawmakers persevered and eventually reached an agreement with Gov. Andrew M. Cuomo legalizing recreational cannabis for adults aged 21 and older. The law has been created with the goal of ending years of policing, which has disproportionately affected racial minorities such as the Black and Hispanic communities.

Shawn ‘Jay-Z’ Carter released a statement praising the move. In the statement, Jay-Z Chief Visionary Officer for The Parent Company and owner of Monogram cannabis brand, described the legislation as “exciting,” saying: “It represents a long-overdue opportunity for New Yorkers, for the cannabis industry, and for social equity and social justice,” Jay-Z continued with: “I’ve seen first- hand the harm inflicted for generations against Black and minority communities by the war on drugs right here in New York. Today, I’m proud to see my home state join The Parent Company is paving the way for a thriving and equitable cannabis market.”

The deal allows marijuana deliveries and the creation of “consumption sites” where customers can ingest marijuana but no alcohol. The deal also allows private cultivation of up to six plants, indoors or outdoors, for personal use only.

Even once the deal has been approved, the first public sales of legal marijuana are unlikely to take place until next year. First, officials must set rules to regulate the market, including regulation of wholesalers and dispensaries, the distribution of retail and cultivation licenses, and the establishment of new taxes. Plans have also been set in place to form a control board of five members to supervise the industry.

The deal was created with a focus on making reparations to communities that the war on drugs has negatively impacted. 40% of the tax revenues made from new cannabis sales will be reinvested into low-income Black and Brown communities. A percentage of business licenses will be set aside for minority-owned businesses. Additionally, convicts imprisoned for marijuana-related crimes will be expunged.

While there is some skepticism around how these plans will make a practical difference to these communities, Jay-Z has encouraged The Parent Company to invest in social reform and provide minorities with opportunities in the new industry. They will be donating $10 million and annually contributing 2% of The Parent Company’s profits to promote racial diversity in the sector.