Colorado is expected to garner a substantial financial boost if Amendment 64, a marijuana legalization ballot issue, passes in November. Although those lined up on opposite sides of the cannabis amendment cannot seem to agree on the amount, the anticipated increase in tax revenue is allegedly influencing voters.
The controversial recreational marijuana amendment would permit pot sales to adults over the age of 21, at state monitored retail stores, the Colorado Daily notes. If passed, the marijuana legalization amendment is also expected to create a host of jobs and allow police officers more time to focus on violent crime.
A Colorado think tank estimated the legalization of marijuana would generate $60 million a year to start, according to the Daily Camera. Some experts who thoroughly examined the issue feel that there are too many variables to consider to put a dollar value on anticipated revenue just yet.
Although the state may decriminalize marijuana and allow adults to purchase up to one ounce for recreational use, individual cities can still prohibit the establishment of pot retail stores. The response from the federal government to the law, if passed, could also pose delays or legal fees to fight for implementation.
A television advertisement supporting Amendment 64 had this to say about the fiscal benefits of marijuana legalization:
“We all know where the money from non-medical marijuana sales is currently going. It doesn’t need to be that way. If we pass Amendment 64, Colorado businesses would profit, and tax revenues would pay for public services and the reconstruction of our schools.”
The Colorado Center on Law and Policy estimates an end to marijuana prohibition would not only generate $60 million in tax revenue and savings initially, but has the potential to boost the revenue and savings to $100 million after five years.