Study: Legalizing Weed Could Net $28 Billion In Tax Revenue
If marijuana is legalized nationwide, it could generate up to $28 billion for federal, state and local governments.
That’s according to the non-partisan Tax Foundation, which estimates a mature marijuana market could raise $7 billion for the federal government if a $23 per pound tax was applied — a similar tax level to the one put on tobacco.
Legal marijuana markets in Colorado and Washington have already raised more revenue than initially estimated.
Colorado assumed it would raise $70 million from marijuana taxes per year. Updated projections show the state could rake in as much as $140 million in 2016. In Washington, marijuana sales are averaging over $2 million a day with revenue set to reach $270 million per year.
“If all states legalized and taxed marijuana, states could collectively expect to raise between $5 billion and $18 billion per year,” says the report. The Tax Foundation puts the size...
This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.
Follow us on Instagram
Connect with us on Linkedin