Texas to make $166 million from marijuana legalization
A conservative estimate shows Texas raking in more then $166 million from legalizing marijuana. Across the board, the nation stands to make almost $3.1 billion.
The figures come from a study done by NerdWallet, which crunched the numbers by taking current figures of how much marijuana is selling for on the legal market, and multiplying that by people over 25 who admitted to consuming cannabis within the past month. They then figured a series of taxes which varied from state to state.
They did not figure in how much money would be saved on law enforcement, which is currently figured at $7.7 billion annually nationwide. In all, the net gain from full legalization everywhere would see a conservative estimate of almost $11 billion. The economy would also be less constrained as those who are currently having to put forth large amounts of resources towards dealing with the judicial system would now be free to spend that money elsewhere and be more productive with their time.
California came out on top at a projected $519 million, while North Dakota comes in at around $4 million.
For the two states which are already legal, the study projects Colorado netting over $78.1 million and Washington grabbing $119.5 million.
Texas ranks forth behind New York ($248 million) and Florida ($183 million). These are only tax revenue figures as well, meaning that the economic boon brought about by new businesses and jobs are unaccounted for.
On average, Texas spends $10,000 on every marijuana arrest.
Support nationally and in Texas is roughly 58 percent in favor of marijuana legalization.
Three bills will be introduced in the Texas legislative session in 2015 which will cover medical marijuana, full legalization, and penalty reduction for possession.