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Could Full Legalization in California Generate $1 Billion in Marijuana Taxes?

Legalizing marijuana means going green, in more ways than one.

Colorado hauled in $76.2 million from taxes on marijuana sales and license fees in 2014. That windfall leaped nearly 71 percent – to about $130 million – in 2015.

Washington state pulled in $41.4 million in taxes and fees in its first 16 months of legal pot sales, and is on track to reap at least $60 million in new tax dollars in the fiscal year that ends in June.

Oregon’s legal marijuana sales just began in October. The state’s bean counters estimated new tax revenue would reach $10.7 million in the first two years. But pot sales that very first week surged past $11 million – and those in the cannabis business believe Oregon will haul in three to four times its sober projection when receipts are finally tallied.

All this makes dollar signs shine in the eyes of some Golden State officials. In November, California is likely to follow the lead of Colorado, Washington and Oregon, with several marijuana legalization initiatives vying for the ballot. [Read more at the Orange County Register]

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