Indopedia All Things Marijuana
If you’ve been following recent news pertaining to the cannabis industry, you might have noticed a trend in states with recreational legislation in place. From Colorado Gov. John Hickenlooper’s recent backtracking on his initial opposition to legalization, to Washington Gov. Jay Inslee vowing to fight the Donald Trump administration if the federal government disrupts his state’s booming market, politicians are suddenly sticking up for marijuana.
This change of heart seems to stem from the massive amount of tax revenue that cannabis has created across the U.S. A report released by New Frontier Data shows that states with legalized marijuana are poised to generate around $655 million in tax revenue from retail sales in 2017. Of which $559 million will come from cannabis taxes alone.
While this enormous figure is certainly nothing to scoff at, the report goes even further in estimating that total tax revenues in states with legalization will reach around $1.8 billion, with $1.4 billion stemming from cannabis-related taxes. When you couple this mountain of money with the fact that Trump is arranging budget cuts to a wide range of areas, governors and other…
