State Budget Shortfalls

Legal cannabis states have made millions in marijuana sales taxes. For example, a study by the Cato Institute found that Colorado now takes in about $20 million a month in all marijuana-related taxes, while California takes in about $50 million a month.

The non-profit Tax Foundation recently put together a list of what states made in fiscal year 2020 through marijuana-related excise taxes alone. The following numbers come from that study.

Virginia is close to becoming the first Southern state to get a tax revenue high as it moves to legalize recreational weed.

A bill passed Sunday in both the state’s House of Delegates and Senate is awaiting the signature of Gov. Ralph Northam, a Democrat.

Once signed, the Old Dominion would officially join 15 other states and the District of Columbia that have legalized marijuana for adult recreational use. Though under the Virginia bill, legal sales and possession would not take effect until 2024.

t’s time to legalize marijuana consumption in Delaware, said state Auditor Kathy McGuiness, who touted a supposed economic benefit of more than $43 million in tax revenue to Delaware if recreational sales are allowed.

In an 11-page report released Monday, Ms. McGuiness outlined issues and background surrounding potential legalization, noting that 15 states allow recreational sales of marijuana, and several more are considering it.

Delaware could see tens of millions of dollars in tax revenue every year if it moves to legalize marijuana, a top statewide elected official said in a new report released on Monday.

The analysis from State Auditor Kathy McGuiness (D) found that Delaware could generate upwards of $43 million annually in revenue from taxing and regulating cannabis. The legal market could also create more than 1,000 new jobs over five years if the policy is enacted, according to the report.

A majority of Pennsylvania Senate Democrats sent a letter to the governor and legislative leaders on Thursday, arguing that lawmakers should pursue adult-use marijuana legalization in order to generate revenue to make up for losses resulting from the coronavirus pandemic.

The letter, led by Sen. Sharif Street (D), stresses that the state’s economic situation is “dire” and that the government “should do absolutely everything we can to raise revenue.”

In the wake of growing unrest over racial injustice, several states have taken steps that may give legalization proponents reason to be optimistic. For example, Georgia lawmakers included decriminalizing marijuana in a recent police reform bill. In New Jersey, a decriminalization bill passed the state Assembly by a 63-10 vote. Taking everything into account, Karen O’Keefe, the director of state policies for the Marijuana Policy Project, believes we will see a record number of states legalize marijuana next year.