On Feb. 1, 2017, the Connecticut General Assembly’s Office of Fiscal Analysis released a fiscal estimate for the legalization of recreational marijuana in the state, noting that the state could earn $30.1 million to $63.9 million in tax revenue during the first full year of implementation.
The OFA used the legalization models of Massachusetts and Colorado to calculate the range of Connecticut’s potential tax revenue.
By using the Massachusetts model of legalization, the OFA estimated that Connecticut would generate $30.1 million in state tax revenue and fees during its first full year of legal retail marijuana; at $63.9 million, the Colorado model of legalization would generate slightly more than double the tax revenue of the Massachusetts model as it has a higher tax rate.
The implementation of the Massachusetts model of legalization would cost Connecticut $4.2 million in the first full year of legalization, while the Colorado model would cost the state $9 million.
“If we come in next legislative session, we debate the policy and we get it approved by the end of the legislative session and have it into law into the new fiscal year, I think we can move forward,” Candelaria said.
According to WTNH News 8, there are currently three recreational legalization bills being considering by the state legislature.