REPLAY: Marijuana Policy Forum – Central Texas
October 7, 2020NORML’s Annual Conference (10/22&23/20)
October 15, 2020Vicente Sederberg LLP released a report on “The Fiscal Benefits of a Taxed and Regulated Cannabis Market in Texas”. The report covers effective tax rates vs prohibitive rates, number of potential consumers, estimated sales per customer, job growth, fee revenue and more. Read the report in full.
Takeaways:
- Number of potential Texas consumers (21+ years): 1,557,629
- Estimated yearly sales per customer: $1,730
- Estimated yearly total cannabis sales for Texas is $2,694,698,170
- Estimated biennium tax revenue of more than $1.1 billion dollars
- Estimated new jobs: 20,000 – 40,000
- Potential license fee revenue for Texas: $10 Million Per Year
- Estimated $311 million per year in savings by ending misdemeanor arrests and prosecutions for low-level cannabis possession offenses
As a result of the COVID-19 outbreak, Texas has to re-evaluate how we operate as a state. This includes the way we do business and how we choose to utilize resources. Our united goals are to keep Texans safe and keep our economy moving. We agree when the report says, “The state needs to realize the economic benefits of a regulated market (potentially $1 billion per biennium) while ensuring the tax rate is not so high that it becomes cost prohibitive and drives consumers to the black market.”
Note: The report says that “critical to this analysis, is the assumption that Texas embraces free market values, pro-business licensing regulations, and does not arbitrarily limit licenses on a state level.”
Read Vicente Sederberg’s press release.
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