Home Economy State report: Legalized marijuana could bring in nearly $105 million per year

State report: Legalized marijuana could bring in nearly $105 million per year

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The state legislature’s Office of Fiscal Analysis believes that Connecticut could bring in up to $104.6 million a year in revenue if marijuana is legalized in the state, based upon estimates of the legalized marijuana business in Colorado and Massachusetts.

According to the OFA report, during the first full year of legalization, revenue would be $30 million to $63.9 million for the state and $5.6 million for municipalities, rising to $45.4 million to $104.6 million for Connecticut and $9 million for municipalities in the second full year. The municipalities’ income is based on an assumed 2 percent sales tax that would be approved by the legislature.

The OFA also noted that regulatory costs would be about 14 percent of total tax revenues each year.

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