Connecticut Considers Legalizing Marijuana to Help Balance Budget
HARTFORD, CT Democratic state lawmakers in Connecticut introduced a budget proposalTuesday that includes regulating and taxing marijuana for use by adults 21 and older.
In the first year under the proposed plan, adults would be able to purchase limited amounts of marijuana from existing medical marijuana dispensaries, and sales would be subject to a 25% tax in addition to the standard 6.35% state sales tax.
Once the state has licensed adult-use businesses, marijuana would be subject to an excise tax of $50 per ounce in addition to the standard 6.35% state sales tax on retail sales.
Oregon and Nevada have taken similar approaches, allowing early adult sales in medical marijuana businesses.
An analysis of the plan estimates it would generate approximately $60 million in marijuana tax revenue in the first full year and $180 million in the second year.
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, saidSam Tracy, director of the Connecticut Coalition to Regulate Marijuana.
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. 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 ...
