Marijuana Legalization: The Answer to State Budget Deficits

Marijuana DocMarijuana Education, Marijuana NewsLeave a Comment

When it comes to the legalization of marijuana in America, where do you stand? When it comes to the financial progress of America, where do you stand?

What if I told you the answer to the latter can play a huge role in your stance of the former? Similar to the legalization of alcohol and tobacco, marijuana would be a tax revenue dream if allowed to sell legally in America, greatly benefiting any state currently battling debt woes.

In January of 2014, Colorado became the first state in the nation to legalize the recreational use of marijuana. Contrary to naysayers’ outlandish beliefs, Colorado has not imploded onto itself. In fact with a total haul of about $76 million, beating out its initial $70 million forecast, Colorado is thriving financially and well exceeding expectations.

To gain even better perspective, let’s take a look at projections for a few other states. On the list is California, the first state to legalize marijuana for medical use. According to the Inquisitr, California stands to gain the most from taxes on sales of marijuana. The state projects to take in $519 million each year, quite helpful for a state in perpetual debt! In addition to California, states like New York and Florida are forecasted to gain $248 million and $183 million, respectively. Want even more? Texas is estimated to have a $166 million gain.

The numbers don’t lie and with stats like these, it’s hard to ignore the revenue potential that comes along with the legalization of marijuana. So, exactly how big of an impact can the legalization of marijuana be on America? The answer is huge – to be more precise, BILLIONS of dollars huge.

Leave a Reply