Tax revenue from some form of cannabis legalization is a popular driving force capable of pushing other needed agendas such as decriminilazation and public health measures. But such optimism creates false expectations that detract from the real benefits to be reaped, and implemented, from legalizing cannabis. Perhaps the momentum is such, that the revenue-impetus is no longer necessary?
By DON GLENN | April 12, 2015
Countless questions remain over what impact medical marijuana taxes might have on the New York state budget. There’s some reason to downplay widespread optimism that it would be a panacea for closing fiscal gaps.
Take Colorado, for example, where in February 2014 it had been estimated that state would reap $118 million in taxes on recreational marijuana for the first year it was legalized. After seven months of the revenue generated there, the state has revised its projections to $69 million, more than 40 percent off the initial forecast.