OLYMPIA, Wash. (AP) — A state analysis shows that an initiative to legalize the recreational use of marijuana could raise at least $560 million a year in new taxes.
The state Office of Financial Management this week produced the estimate on the fiscal impact of the potential passage of Initiative 502, which will be on the November ballot.
However, the analysis notes that revenues would be “adversely impacted” if federal authorities cracked down on the state. Marijuana is illegal under federal law.
The measure would create a system of state-licensed growers, processors and stores, and impose a 25 percent excise tax at each stage. People ages 21 and older could buy up to an ounce of dried marijuana, one pound of marijuana-infused product in solid form, such as brownies, or 72 ounces of marijuana-infused liquids.
Information from: The Seattle Times, http://www.seattletimes.com