7 States That Would Earn The Most Money By Legalizing Marijuana

MICHIGAN:  Some of us are still processing this whole marijuana legalization deal. For many people, it’s kind of hard to believe legalization is actually really happening — it’s no longer simply a topic of discussion marijuana smokers debate over, it’s right here and right now. Imagine going back in time and telling yourself 10 or 15 years ago that in 2014, recreational pot would be legal in some parts of the country. It’s kind of surreal.

Colorado recently published its tax revenue figures for the month of August. Recreational marijuana sales continue to increase in the Centennial state. Based on these tax figures, we can see that from January to August, recreational pot sales rose from $14.02 million to $33.07 million — sales more than doubled over this short time period. Perhaps Colorado citizens needed a little bit of time to adjust to the new law, as well. It may have felt a bit strange at first to walk into a shop without any medical card or prescription and say to the clerk, “May I please buy some marijuana?” and have the clerk respond with, “Absolutely, what kind would you like today?”

 As time goes on, legalization may just become the new norm. Although there are certainly downsides, recreational legalization has taken those millions of dollars out of the pockets of black market drug dealers and placed it into the legal economy. Washington state has already made the decision to go legal, and other states may very well follow suit. Here are the states that can financially benefit the most from legalizing pot. These numbers are based on a NerdWallet report, marijuana use data from the Substance Abuse and Mental Health Services Administration (SAMHSA), and other resources.
**The NerdWallet report determined each state’s tax rate by adding a 15% excise tax to state and local tax figures compiled by the Tax Foundation. The report found each state’s market size by determining what portion of the $14 billion total marijuana market each state would theoretically encompass. This is based on how many marijuana users (expressed as a percentage) are in that particular state. Numbers are rounded.

 

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