News Brief: Cashing in on Cannabis?

If you read any major newspaper this isn’t a secret, but just in case you don’t, a report released on September 28th by the folks at the Washington, D.C.-based CATO Institute found that if the U.S. government treated cannabis as a legally regulated cash crop, it would yield about $17.4 billion a year in tax revenue and cost savings.

According to the report, which is known officially as “The Budgetary Impact of Ending Drug Prohibition,” estimates that if marijuana was sold commercially in a fashion akin to alcohol and tobacco, the annual revenue would be about $8.7 billion. In addition, abolishing the drug laws that pertain to marijuana would save about $9 billion a year on law enforcment.

A separate study published last year by the California Board of Equalization and Taxation estimated that in the Golden State alone, retail taxes on the commercial sale of cannabis could yield as much as $1.4 billion annually.

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