Louisiana could earn as much as $128 million in annual revenue if it were to legalize and tax marijuana, according to a Washington, D.C., think tank’s new report.
The Tax Foundation, a nonprofit research organization most often described as conservative and pro-business, based its calculations on current demand for pot in Colorado and Washington, states that have authorized recreational use along with Oregon and Alaska. Ten more states have proposed ballot measures to legalize pot commerce, and Vermont’s legislature is considering one.
The report notes that Colorado, Oregon and Washington are moving to reduce taxes on marijuana after seeing that legalizing pot did not curb demand for “black market” purchases. They started with a 30 percent tax; Colorado’s will fall to 27 percent next summer, and Oregon’s will reach 17 percent by the end of this year. [Read more at the New Orleans Times-Picayune]