Connecticut will be rolling in heavy green due to its legalization of recreational marijuana, according to the state”™s Office of Fiscal Analysis.
The OFA projects that the medical marijuana industry will generate $3.1 million in sales during fiscal year 2022 ”“ which runs from July 1, 2021 through June 30, 2022 ”“ and another $1 million in municipal taxes.
Retail sales are expected to begin in Connecticut by the end of 2022, with the result that FY23 will generate $20.4 million in sales and another $5.9 million in municipal taxes, all of which will go to the general fund.
FY24 is predicted to generate $33.4 million in sales and $11.2 million in municipal taxes; 15% of the proceeds will go to the general fund, with 60% going toward social equity and innovation endeavors and the remaining 25% to the prevention and recovery services fund.
The forecast for FY25 is $53.8 million in sales and $17.4 in municipal taxes; for FY26, it is $55.2 million in sales and $18.2 million in municipal taxes, with the aforementioned percentages remaining the same.
