Marijuana May Fund Your Future

Marijuana May Fund Your Future

Who will get the biggest piece of the pie?

Who will get the biggest piece of the pie?

According to NerdWallet, legalization of both medical and recreational marijuana in all American states may add at least $3 billion to the national and local budgets. The number may not seem to be super high compared with the national budget, but this money may be very useful when it comes to solving local problems.

California, according to NerdWallet, will get the biggest piece of the marijuana tax pie—about $500 million in additional tax revenues per year. New York is second with almost $250 million. The third states to benefit the most from marijuana legalization is Florida with over $180 million of money that could be collected from cannabis sales.

It is noteworthy that all the calculations were carried out by NerdWallet using Colorado as a reference; the excise tax on marijuana there is 15 percent. By the way, both Washington and Colorado have collected about $70 million of marijuana taxes in the past fiscal year.

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