These 4 states are voting to legalize and tax marijuana sales
ArizonaMarijuana Industry NewsMedical MarijuanaMontanaNew JerseyRecreational Marijuana October 8, 2020 MJ Shareholders 0
Things may go green in four states this fall, as voters will decide on legalizing and taxing marijuana.
Arizona, Montana, New Jersey and South Dakota all have measures up for a vote to legalize and levy recreational marijuana.
Thus far, 11 states have legalized recreational pot: Alaska, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Nevada, Oregon, Vermont and Washington state.
Levying legal weed is looking attractive at a time when states are anxious to boost their coffers.
Jurisdictions often slap an excise tax, along with a state general sales tax, on pot sales.
Just don’t count on legalized marijuana to singlehandedly save state budgets.
That’s because the amount of revenue they can collect will depend on the structure of the tax and the ease of obtaining a license for growing and selling the product, according to Ulrik Boesen, senior policy analyst at the Tax Foundation.
“You can have a good tax system, but if your regulatory system isn’t effective, you won’t see the revenue,” he said.
Boesen pointed to Oregon as an example of a state that’s been relatively successful at legalizing and levying marijuana. [Read more at CNBC]
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