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Colorado and Washington were the first states to legalize marijuana. The states where it is legal are raking in tons of money in additional tax dollars — $10.4 billion nationwide — with much ...
In 2019, the US gained a total of 1.7 billion dollars in tax revenue due to the legalization of marijuana. In 2021, that number more than doubled to 3.7 billion dollars. [14] The increase in tax revenue being a driving factor in the legalization of marijuana is similar to the effects of the repeal of prohibition.
The letter stated, among other things, "We, the undersigned, call your attention to the attached report [which]... shows that marijuana legalization — replacing prohibition with a system of taxation and regulation — would save $7.7 billion per year in state and federal expenditures on prohibition enforcement and produce tax revenues of at ...
Senate Majority Leader Chuck Schumer (D-NY) proposed the Cannabis Administration and Opportunity Act that would, in addition to legalizing cannabis, implement a federal excise tax on marijuana starting at 10 percent and rising to 25 percent by the fifth year, which would be in addition to the state and local taxes and additional taxes and ...
The legalization of marijuana can open up the possibility to regulate it. That regulation implies the opportunity to tax the drug, and it also makes law enforcement easier.
BISMARCK, N.D. (AP) — North Dakota lawmakers on Friday struggled to pin down the full financial impact of legalizing recreational marijuana, a factor voters will see when they decide a ballot ...
Colorado has experienced significant financial benefit as a result of legalization, with marijuana tax, license and fee revenue surpassing $1 billion as of 2019. [63] This revenue has been used to finance youth, education and health programs; the first $40 million of annual fee revenue is used to repair and upgrade local elementary schools and ...
Marijuana has come a long way from its status as an illicit substance to now being recognized for its medical and recreational purposes in many states. Nine states have fully legalized it, and more...