Using Colorado retail cannabis sales data and Colorado population data, the OLS calculated the per person annual expenditure on retail cannabis to be approximately $194.61. If New Jersey experiences similar sales of recreational cannabis as Colorado, total retail cannabis sales for New Jersey could be approximately $1.753 billion. Applying the sales tax (6.625 percent) and new tax (5.375 percent) yields aggregate revenues of approximately $210.3 million annually.”
Number of the week: $1.753 billion
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