The Economic Benefits Of Legalizing Weed Could Mean A Big Push For State Economies And Big Bucks For Both The State And The Federal Governments.

Taking a leaf out of Colorado or Washingtons book, four statesCalifornia, Nevada, Massachusetts and Mainedecided to make marijuana consumption for recreational purposes legal. Florida, Arkansas and North Dakota voted to allow medical marijuana while Arizona defeated that move. The economic benefits of legalizing weed could mean a big push for state economies and big bucks for both the state and the federal governments. Impact on Tax Revenue Better than expected sales of marijuana in Colorado and Washington over the past year have resulted in buoyant tax revenues. In 2015, Colorado collected more than $135 million in taxes and fee on medical and recreational marijuana. Sales in the state totaled over $996 billion. Sales in North America grew 30%, to $6.7 billion, in 2016, and is projected to increase to colorado marijuana $20.1 billion by 2021, according to Arcview Market Research. That is the carrot that dangled before many states. California, which is much larger in size and population than Colorado, could exceed $15 billion in sales revenue and $3 billion in tax revenue, according to an April 2016 study by ICF International.

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