By Howard Fischer | Capitol Media Services/Arizona Capitol Times
Arizonans would buy nearly $500 million worth of marijuana a year by 2020 if voters agree in November to allow its use here for recreational purposes, according to a new report.
The study by the staff of the Joint Legislative Budget Committee figures legalization would generate nearly $82 million in taxes when the program is fully implemented. That includes $74 million based on a tax rate of 15 percent of retail costs, with the balance coming from things like licensing dealers and growers.
“It is time to stop wasting money on failed cannabis policies and try a new approach of regulating and taxing for the benefit of education.”
~ Ryan Hurley, director of Rose Law Group Medical Marijuana Department
