Texas Could Make Half A Billion in Tax Revenue in Legalizing Weed
As the eyes of Texas look to legislators to pass the legalization of marijuana new reports like the one from Vincente Sederberg, LLP, which specializes in cannabis law and policy, offers that not only by legalizing marijuana would Texas see about 40,000.00 new jobs, Texas could see a $500,000,000.00 YEARLY in tax revenue, according to an article by the Dallas Observer.
The latest report concludes that in addition, legalizing marijuana could include an additional $10 million dollars yearly in business licensing fees, helping to counter the expense of the regulation programs, which, according to the report, is extensive but would be negated by the legalization.
You've likely heard the argument that legalizing marijuana would also refocus criminal justice resources to other areas, saving tax dollars while the legalization would end arrest and prosecution of small possession charges savingTexas about $331 million each year. And what are the implications for tourism if the Lone Star State legalized marijuana? According to Forbes, Colorado has seen a 51% increase in tourism since it legalized marijuana.
Move over oil, years from now, we might look back at this time and call it's Texas's Biggest Boom of all time!
Marijuana and hemp often look and smell the same because they both come from the cannabis plant, however, hemp contains less than .03% or less of THC and marijuana contains more than .03% of THC. Growing hemp is legal in Texas, growing marijuana is not.
Yet, that doesn't stop Texans from lighting it up.
"More than 1.5 million adult Texans over the age of 21 use cannabis every month. If Texas were to regulate marijuana for adult use, it would generate around $2.7 billion per year in cannabis sales," the Dallas Observer report continues.
As Texans continue to wait in the wings, big businesses like Dallas-based Panda Biotech is looking at establishing the nation’s largest industrial hemp processing facility, 500,000 square feet on 97 in Wichita Falls.
Hemp is big business and legalizing marijuana in Texas might not be too far behind.
Take our poll, do you think marijuana should be legalized in Texas?