We truly have no words, but apparently Snoop Dogg is giving up the green?! 🤯 But you know who absolutely isn't? The great state of Ohio! 🌿
The Buckeye state just legalized recreational marijuana. 🗳️ While all the midnight tokers are rejoicing, it's important to remember this won't be an overnight process. A ton of work and red tape goes into bringing the sticky-icky to your household. 📑
Here’s Five Fast Facts on Ohio's legalized cannabis:
- 🔥 Just Blaze - According to the new law, adults 21 and older can now buy and possess up to 2.5 ounces of cannabis. They can also grow a few plants at home for personal use. There's a 10% excise tax on purchases, plus local and state taxes.
- 🤑 Money Trees - Ohio marijuana sales will have a big impact when it comes to generating revenue. They're expected to bring in between $1.5B and $2B in the first year. That number could reach $4B by the fourth year. By year five, Ohio could receive between $276M and $403M in annual tax revenue. For perspective, the 2023 Ohio state budget is $81.1B.
- 🥴 Tough Times - Cannabis companies are riding the struggle bus when it comes to doing business. The federal-state disconnect, huge tax burdens, and an inability to sell products across state lines are a huge headache. Businesses also have to deal with a ton of competition and aren't allowed to go through the U.S. banking system.
- ⚖️ On the Bandwagon - Most of the U.S. has now legalized cannabis in some way, either medical or recreational. A total of 38 states have approved medical marijuana programs and 24 states legalized recreational use.
- 🧑🚒 Hot In Here - Here's a fun fact: back in 2015, Ohio residents strongly voted "no" to allowing cannabis for medical and adult-use. That law would have also limited marijuana growing and sales to just 10 properties, all of which were owned by an investor group which included Nick Lachey from 98 Degrees!
🔥Bottom line: Even though most states are now cannabis-friendly, don't forget that the green stuff is still federally illegal. It's still classified as a Schedule I substance, the druggiest of all drug classifications. Maybe it's (wait for it) high time for federal legalization? We'll keep the pulse on the issue!
Will you be toking after your turkey dinner?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
