Biden is pardoning federal offenses related to weed possession and talks of nationwide legalization are bubbling up hotter than the asphalt they're not using to fill our potholes. ⚠️😑
Legal weed brings in big tax dollars, and the states who have puff puff passed on it are leaving money on the table. Just how much? We've got the deetz. 💵🌿
Here’s Five Fast Facts on legal marijuana and tax revenue:
- 🥬 Going Green - In 2021, states with legal recreational marijuana took in $10.4 billion in tax revenue. That number doesn't include medical marijuana, which is legal in many states where it's not recreational.
- 🦥 Don't Leave Me Hangin' - A recent survey found that states without legal weed could be leaving millions on the table. For example, it's estimated that Ohio is missing out on $220 million and West Virginia a little more than $38 million.
- 🏆 Pot Pioneers - Colorado and Washington were first in line to move towards legalization back in 2012 and are the leaders in marijuana tax revenue.
- 🥦 Bong Billionaires - According to the Tax Foundation, the legal weed market could be worth up to $30 billion by 2023.
- ⏱️ Labor of Love - Once a state legalizes the jazz cabbage, it takes an average of three years for the tax dollars to really start rolling in. There's a lot of red tape to cut through to get a market going. States can expect between $2 and $10 million in the beginning.
🔥Bottom line: Whether you're a midnight toker or think stoners are jokers, legal weed can make states a lot of money. Many states are struggling after the pandemic and, now that laws are becoming more relaxed, recreational Mary Jane could be a huge budget booster. We'll keep our eyes on all the smokin' hot developments to come!
What are your thoughts on legal weed?
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