In a Connecticut budget bill introduced on May 16, 2017, Democrats included legalizing, regulating and taxing recreational marijuana. According to the Marijuana Policy Project, the proposal would allow adults 21 and older to buy marijuana from dispensaries.
The beginning stages of the proposal call for a 25% tax on recreational marijuana sales, on top of the state’s current 6.35% sales tax. After licenses are approved and regulations are in place, customers would also be charged a $50 excise tax per ounce.
Sam Tracy, director of the Connecticut Coalition to Regulate Marijuana, has commended the proposal’s goals and the potential revenue it could bring in for the state.
“The Democrats’ proposal to regulate marijuana for adults would generate significant new tax revenue in addition to creating jobs for residents and business opportunities for other local industries. Hundreds of millions of dollars in annual marijuana sales have been taking place in Connecticut each year, and the state has not received a dime in tax revenue,” Tracy said.
Within the first year of taxing marijuana, Connecticut could bring in an estimated $60 million in tax revenue, followed by $180 million in its second year, as reported by MPP.
“If the Legislature moves forward with this plan, the state could be bringing in hundreds of millions of dollars in new revenue within just the next two years. This is not the only reason or the best reason to regulate marijuana for adult use, but it is one of several good reasons,” Tracy added.