Marijuana Legalization In Texas Would Generate Billions In Tax Revenue, New Economic Analysis Shows

Marijuana Legalization In Texas Would Generate Billions In Tax Revenue, New Economic Analysis Shows

Texas stands to generate billions of dollars in marijuana tax revenue and create tens of thousands of jobs if the plant is legalized, according to a new economic analysis. While the legislature has been resistant to pursue the policy change, the report from Vicente Sederberg LLP makes a compelling case for legalizing and regulating cannabis sales in the state, at least from an economic perspective. It finds that, given the estimated adult-use marijuana market, there would be $2.7 billion in cannabis sales annually in Texas. And if the state followed Colorado’s tax model, it could bring in more than $1.1 billion in marijuana tax dollars per biennium. Further, the comparative analysis projects that 20,000-40,000 jobs would be directly created in the legal industry, in addition to ancillary positions for “contractors and construction firms, electrical and water service providers, HVAC manufacturers and installers, processing equipment producers and retailers, and other professionals.” “We also expect it would bolster the hospitality industry, which would benefit communities that rely on tourism; especially those that have recently been severely impacted by the novel coronavirus, such as San Antonio, Houston, and Corpus Christi,” the report states. Beyond tax revenue from cannabis sales, Texas could also see an extra $10 million annually if business licensing fees are set at $5,000. “In addition to generating revenue and creating jobs, regulating cannabis for adult use would also realize significant criminal justice savings,” the report says, adding that Texas would save an estimated $311 million per year in criminal justice…

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Source : MJ moment
Link to original : Marijuana Legalization In Texas Would Generate Billions In Tax Revenue, New Economic Analysis Shows
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