NEW YORK, Sept. 21, 2016 /PRNewswire/ -- Could tax revenue from the sale of recreational marijuana be enough to push thelegalization of marijuana in more states? 24/7 Wall St., a financial news and opinion website, has identified the potential tax revenue from the sale of marijuana in every state.
24/7 Wall St. used estimates based on sales per capita in
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."
About Us 24/7 Wall St., LLC is a Delaware corporation which runs a financial news and opinion company with content delivered over the Internet. The company's articles are republished by many of the largest news sites and portals, including MSN Money, Yahoo! Finance, MarketWatch, Time.com, USAToday, and The Huffington Post.
The company publishes over 30 articles per day and has readers throughout North America, Asia, the Middle East, and Africa.
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SOURCE 24/7 Wall St., LLC
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