Many pro-legalization advocates and legislators claimed legalizing marijuana would result in massive tax revenues. And while this has proven true, state officials want more.
From June 2014 to June 2015, cannabis sales soared to over $260 million in the state of Washington. State officials claim to have collected over $65 million in first-year taxes from recreational marijuana sales. In Colorado, state officials estimated that it will collect close to $100 million in taxes from the first year of recreational marijuana legalization. However, the state came short, only collecting $44 million in taxes from recreational marijuana sales, largely due to a quirk in the state’s constitution. In addition, despite legalization, some observers are suggesting not all sales are going through legal channels. Read the rest of this entry »