Just Blaze: Legal Weed Brings in Big Tax Dollars. Are Some States Missing Out?

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:

  1. 🥬 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.
  2. 🦥 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.
  3. 🏆 Pot Pioneers - Colorado and Washington were first in line to move towards legalization back in 2012 and are the leaders in marijuana tax revenue.
  4. 🥦 Bong Billionaires - According to the Tax Foundation, the legal weed market could be worth up to $30 billion by 2023
  5. ⏱️ 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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