Week 9 Event
The Nevada Dispensary Association (NDA) has announced its economic analysis of the year for recreational marijuana sales. The NDA estimates generating eight billion dollars in tax revenue over the next six years that will be used to fund schools around the state. Tax revenue from marijuana sales totaled $529 million in its first year, not including $69 million generated from state excise tax which allows the dispensaries to operate. “Starting this next legislative session, we’ll have it more transparent. We’ll actually say here’s 100 million from marijuana that goes to the school district. That part’s been missing because it just goes into a big fund” (Sen. Tick Segerblom).
What does this mean for Connecticut?
Connecticut currently maintains nine medical marijuana dispensaries throughout the state and as of last year generated $50 million dollars in tax revenue from sales. However, compared to the state of Massachusetts, which generated $106 million from recreational sales, we can see the potential for growth. In a study done by Forbes magazine states that tax and regulate recreational marijuana sales surpass all states that tax and regulate medical marijuana sales namely because the market is larger for recreation rather than medical use.