Click here to see the potential tax revenue from recreational marijuana in each state.
Increasing tax revenues is not the only financial benefit of legalization. States also save from spending less on enforcing marijuana laws. However, this saved money is at least partially repurposed to regulating the new market.
Marijuana legalization is still hotly debated nationwide, with many states likely to legalize soon while others are doubtful. Based on two previous analyses, 24/7 Wall St. identified the next 14 states to legalize marijuana and the 11 states least likely to legalize marijuana. If all of the 14 states legalize, the combined annual additional revenue is expected to be $3.1 billion. The 11 states least likely to legalize would miss out on an estimated $1.2 billion annually.
"While tax revenue from marijuana sales exceeded expectations in both Colorado and Washington, the revenue increase remains small relative to the overall state tax revenue," said Douglas A. McIntyre, Editor-In-Chief and CEO of 24/7 Wall St. "This could support arguments of both those who claim the financial incentives are enough to push for legalization, and those who claim they are not worth the potential risks."
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Contact: Tom Gibson
GIBSON Communications, LLC
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SOURCE 24/7 Wall St., LLC