The Marijuana Policy Project (MPP) recently released a comprehensive report examining the impact of cannabis tax revenue over the past eight years. The report, which was conducted by MPP’s research team, found that states that have legalized cannabis have seen significant increases in tax revenue, with the total amount of taxes collected exceeding $10 billion since 2012.
The report examined the impact of cannabis tax revenue in eight states: Alaska, California, Colorado, Illinois, Massachusetts, Michigan, Nevada, and Oregon. In each of these states, cannabis tax revenue has increased significantly since legalization. For example, in Colorado, cannabis tax revenue has increased from $67 million in 2014 to $302 million in 2019. Similarly, in Oregon, cannabis tax revenue has increased from $60 million in 2016 to $140 million in 2019.
The report also found that, in addition to tax revenue, states that have legalized cannabis have seen significant economic benefits. For example, in Colorado, the legal cannabis industry has created more than 18,000 jobs and generated more than $4 billion in economic activity since 2014. Similarly, in Oregon, the legal cannabis industry has created more than 10,000 jobs and generated more than $2 billion in economic activity since 2016.
The report also noted that, in addition to economic benefits, cannabis tax revenue has been used to fund important public health and safety initiatives. For example, in Colorado, cannabis tax revenue has been used to fund programs aimed at reducing youth access to cannabis and preventing impaired driving. Similarly, in Oregon, cannabis tax revenue has been used to fund addiction treatment and mental health services.
Overall, the report from the Marijuana Policy Project highlights the significant economic and public health benefits of cannabis legalization. As more states consider legalizing cannabis, the report provides valuable insight into the potential economic and public health benefits of legalization. With the potential for significant increases in tax revenue, job creation, and public health initiatives, it is clear that cannabis legalization is a win-win for states across the country.