According to a report by Diario Libre on May 8th, the Marijuana Policy Project (MPP) released an analysis report on Wednesday stating that over $20 billion in tax revenue has been generated since the sales of marijuana began in Colorado and Washington in 2014. The report also mentioned that 24 out of the 50 states in the US have legalized marijuana possession for individuals over the age of 21. The organization claimed that in just the first quarter of this year, these states have already received $4 billion in taxes.
In many states where the sale and use of marijuana has been legalized for adults, tax revenue is allocated to social services and programs. This includes funding for education, school construction, public libraries, mental health care, alcohol and drug addiction treatment, military veteran services, and workforce training.
In the state of Colorado, which has the longest experience with marijuana legalization, tax revenue in the first year of implementation in 2014 was $46.1 million. By the end of 2023, the total cumulative revenue reached $2.381 billion.
The MPP stated that the legalization of marijuana has provided significant economic benefits for state governments as well as social services and programs.
State and city governments can generate economic benefits by collecting taxes through sales and creating thousands of new jobs.
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