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Home 🌿 Marijuana Business News 🌿 Legal Marijuana in Arizona Would Generate $72M Yearly in Tax Revenue 🌿Legal Marijuana in Arizona Would Generate $72M Yearly in Tax Revenue
Previous marijuana tax-revenue estimates were far too low, states a new report by the nonpartisan Grand Canyon Institute.
Arizona would raise about $72 million in revenue annually beginning in 2019 if voters make recreational marijuana legal in Arizona with an anticipated ballot initiative in 2016, says the report, published on the group's website.
Backers of the Campaign to Regulate Marijuana Like Alcohol announced August 19 that their planned ballot measure would raise at least $40 million a year for Arizona schools. The campaign, sponsored in part by the Marijuana Policy Project, claims to have gathered about 65,000 signatures already toward a citizens' initiative expected to appear on the ballot in November 2016.
The institute "finds that the revenue projections were conservative as proponents claimed," the GCI report states.
If the program were in effect now, sales of marijuana products would produce about $64 million annually, it says.
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