Legislative Report: Arizona Could Earn $48 Million in Taxes Annually if Cannabis is Legalized
Arizona could garner $48 million or more in tax revenue if cannabis is legalized, according to a report conducted by the state’s Joint Legislative Budget Committee, which consists of members of both the House and Senate.
Although details of the report were known in September, the committee didn’t release the data, though it was obtained this morning by Phoenix New Times.
The report was prepared in response to legislation filed in February by a group of lawmakers; the proposal would have legalize the possession and retail sale of up to an ounce of cannabis, which would have be taxed at $50 an ounce. Although the proposal died in committee in April, it’s expected that a similar measure will be filed before the Legislature reconvenes in January.
The report, which found that taxing cannabis at $50 an ounce would generate an estimated $48 million annually for the state, didn’t take into account money saved from reduced enforcement and court costs.