Tennessee could generate more than $53 million in annual tax marijuana through the legalization of marijuana, according to a new report.
- Eric Snyder
- Managing Editor- Nashville Business Journal
Legalizing marijuana would roll in some big dollars to Tennessee. That’s the finding from consumer finance Web site NerdWallet, which released a nationwide study showing the economic impact of legalization of marijuana
The report examines if businesses were permitted to sell marijuana legally and governments could tax it as a consumer product.
Tennessee stands to collect $53.7 million annually from sales and excise taxes on weed. The Volunteer State has roughly 165,220 marijuana smokers, the report estimates, and represents 1.57 percent of the U.S. marijuana marketplace. NerdWallet estimates that 3.81 percent of Tennessee’s over 25 years old population has smoked marijuana in the past month.
NerdWallet estimates that the U.S. could gain $3.1 billion in state and local taxes per year if weed becomes legal in every state.
In January, an unscientific Nashville Business Journal online poll found 82 percent of respondents were in favor of legalizing marijuana. The prospects seem far off, however, as previous efforts to legalize the medical use of marijuana have failed to gain traction in the Tennessee Legislature.
The report’s findings are based on initial data from legalization efforts in Colorado and Washington. Since marijuana use is illegal in most states, it is difficult to gauge what the potential market size would be in each of the states, NerdWallet officials admit.
On Nov. 4, voters in Alaska, Florida, Oregon and Washington, D.C., will cast their votes on marijuana initiatives.
The full report is available here.
This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.
Powered by WPeMatico