U.S. Virgin Islands Governor Touts Legal Marijuana’s Economic Potential At Revenue Meeting

U.S. Virgin Islands Governor Touts Legal Marijuana’s Economic Potential At Revenue Meeting

The governor of the U.S. Virgin Islands (USVI) on Tuesday again stressed the need to legalize marijuana in order to generate tax revenue for the territory’s fiscal recovery from the coronavirus pandemic. Gov. Albert Bryan Jr. (D), who unveiled a revised legalization bill last month and pushed legislators to promptly take it up, discussed the projected economic impact of the policy change at a revenue conference. During the virtual meeting, he pulled up a spreadsheet that breaks down estimates for annual cannabis sales from residents and tourists, as well as potential revenue from taxes and fees. Cruise passengers and non-resident hotel guests will make approximately $43 million in annual marijuana purchases, the estimate from an independent firm states. Residents, meanwhile, are projected to spend about $38 million on cannabis each year. “This doesn’t include what we would call the second and third turns in the economy in term of products being bought like lamps and fertilizer, jobs being created, dispensary jobs. None of that,” the governor said. Watch the governor discuss marijuana legalization’s economic impact, starting around 3:10:35 into the video below: In terms of revenue, the territory can expect to take in about $11 million annually from tourists, who will be taxed at 25 percent for marijuana products. Residents, who will be taxed at a much lower rate, will contribute about $3 million in taxes. All told, the territory is estimated to generate nearly $18 million in cannabis sales tax revenue per year. Additionally, the analysis projects that USVI…

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Source : MJ moment
Link to original : U.S. Virgin Islands Governor Touts Legal Marijuana’s Economic Potential At Revenue Meeting
reposted by Cannabis News World

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