Good news for ganja supporters across the country: Texas, land of big businesses and economic prosperity, could stand to gain a ton of money from legalizing marijuana — over $166 million per year, by some estimates. That’s a Texas Miracle if we’ve ever heard one.
Of course, it would also take a miracle…
A report out this week by financial analysts at NerdWallet points to the financial benefits of legalizing marijuana. “We put the study out there because with the upcoming election, citizens will cast ballots for recreational and medical marijuana,” says Divya Raghavan, who authored the study. “People have to make this decision very quickly.” Voters in Oregon, Alaska, Washington D.C., Florida and California will consider various levels of marijuana decriminalization this November.
So where does that number come from? Because all marijuana sales are under-the-table, it’s difficult to get an exact number. But a solid estimate of Texas’ marijuana market can be built based on the approximate population of pot smokers and the states’ percentage of the U.S. marijuana market. From there, Texas’ sales tax and an expected sin tax yield an annual estimated revenue of $166,303,963.
More at the Houston Press.