Financial officials in Washington D.C. have determined that if the district legalized cannabis, the market would be worth $130 million annually. This is based on 122,000 users purchasing cannabis priced at $350 an ounce.
The figures, given during testimony to the D.C. Council over a cannabis legalization and regulation bill, was presented before the Council’s Committee on Business, Consumer and Regulator Affairs, and the Committee on Finance and Revenue. The bill being discussed was Bill 20-466, Marijuana Legalization and Regulation Act of 2013, a proposal to legalize cannabis, taxing it at 15%. The study was commissioned by Council member Vincent B. Orange.
On November 4th voters in D.C. will decide the fate of Initiative 71, which would legalize the possession of up to 2.5 ounces of cannabis, while retaining the prohibition on any cannabis sales.