Marijuana Legalization Would Generate Over $300 Million Annually In New Jersey
EndFragment
There are currently four states that have legalized recreational marijuana. Those states are of course Colorado, Washington, Oregon, and Alaska. Washington D.C. has also legalized recreational marijuana. There are a handful of states that will be voting on recreational marijuana legalization in November. A recent study found that marijuana legalization in America could generate as much as 28 billion dollars annually. A follow up study found that New Jersey alone would generate over $300 million annually in tax revenue. Per NJ.Com:
New Jersey could reap $300 million a year in sales tax revenue by legalizing marijuana for recreational use, according to a new report by supporters of the effort.
The report by New Jersey United for Marijuana Reform and New Jersey Policy Perspective says a federal study shows about 365,900 people in New Jersey age 21 and over illegally use marijuana on a monthly basis, consuming 2.53 million ounces a year.
With the average price of cannabis on the street going for $343 an ounce, the underground marijuana market nets $869 million in sales. If pot was legalized, that marketplace would be worth $1.2 billion from consumers in New Jersey and surrounding states. A 25 percent sales tax on pot would bring in about $300 million year, the report concluded.
EndFragment