With marijuana sales in Colorado topping $1 billion, local and state officials are making the most of marijuana tax dollars by reinvesting in public education and funding local projects.
A fiscal report issued by the state’s Auditor General estimates that taxing Pennsylvania’s existing retail cannabis market would yield $581 million in new annual revenue. “It is time for Pennsylvania to stop imagining the benefits of marijuana and realize them,” it concludes.
Revenues from Colorado’s legal cannabis industry have surpassed over a half-billion dollars since retail sales began on January 1, 2014.
State taxes specific to the production and retail sale of marijuana totaled some $70 million in Colorado over the past year — nearly twice the amount collected for alcohol during this same period.
Legalizing the retail production and sale of cannabis in the United States would yield over $3 billion in annual tax revenue, according to an analysis published this week by the personal finance website, NerdWallet.com. Based on existing market projections, California would gain the largest amount of annual tax revenue ($519,287,052) were commercial cannabis production and sales to be legalized for adults. Other top tax revenue generating states include: New York ($248,103,676), Florida ($183,408,640), Texas ($166,303,963), and Illinois ($126,107,360).
Our friends at High Times (and former NORML director Dr. Jon Gettman) are running an online poll asking for consumers’ choice regarding the preferred marijuana distribution that emerges post-prohibition. Legal Marijuana: Which Market Do You Prefer? As we approach the new inevitability of legalized cannabis, three models have been proposed for a national marijuana market. By Jon Gettman In the past, the goal of marijuana legalization was simple: to bring about the end of federal prohibition and allow adults to use the plant without threat of prosecution and imprisonment. But […]