The potential for cannabis-generated tax revenue to help states fund general expenses is something that has long been pointed out by cannabis supporters, but now it is becoming a reality that is hard to ignore. Toi Hutchinson, President and CEO of MPP, reinforces this idea in a recent press release.
“The legalization and regulation of cannabis for adults has generated billions of dollars in tax revenue, funded important services and programs at the state level and created thousands of jobs across the country,” Hutchinson says. “Meanwhile, the states that lag behind continue to waste government resources on enforcing archaic cannabis laws that harm far too many Americans.”
The team here at Commerce Puzzle feels just as strongly about the situation as Hutchinson does, and the reason is in the data. Take a look at a breakdown of sales tax revenue generated by recreational cannabis sales, and it is clear that pro-prohibition states are missing out.
Here’s the breakdown:
• Alaska: $28,900,231
• Arizona: $153,824,757
• California: $1,294,632,799
• Colorado: $396,157,005
• Illinois: $424,206,703
• Maine: $12,362,622
• Massachusetts: $227,474,842
• Michigan: $209,912,278
• Nevada: $159,885,501
• Oregon: $177,773,944
• Washington: $630,863,570
There is no doubt that the legalization of cannabis is coming, the only questions left to answer are “when?” and “how?”
If you own a cannabis brand, the time for you to position your business in a manner that is truly unique while having the advantage of starting early is running out.
The cannabis industry is here to stay, and that means there will be a huge wave of growth and competition after federal legalization. If you need a cannabis web design agency to help you reach your goals, we are here for you.