The time for cannabis legalization is now…
State and local governments are in a crunch because of the coronavirus. The reality is that folks have lost their jobs, businesses are closing, and there’s less money going into cash registers.
That means less tax revenue for state and local governments.
New York, for example, anticipates a revenue drop of up to $7 billion compared to what it was previously expecting. With less money in the budget, there would be less money for infrastructure improvements and school funding.
There’s no easy solution for making up for that lost revenue.
But we do know this.
Legalizing Cannabis After the Coronavirus
With the coronavirus putting New York to a halt, cannabis legalization will likely not make it into the April budget plan, which was being approved today.
But recreational legalization for the state could still happen in 2020.
Check out even more legalization coverage from The Institute in our Politics & Legalization archives.
And the tax revenue could help offset some of the economic fallout of COVID-19.
“If Colorado can raise +$300 million from recreational and medical marijuana sales in a year, New York can certainly earn over $1 billion as long as the state taxes and regulates adult-use sales reasonably,” says DataTrek Research‘s Jessica Rabe.
It’s not just in New York where cannabis tax revenue could help, either.
It’s time to fast forward to where we all know this is heading.
People who are of age and following the law should be able to buy cannabis.
Entrepreneurs working in the space should be able to open bank accounts and take out loans.
Each state and local government should be able to tax recreational cannabis reasonably and use the money to build new classrooms, fix our roads and bridges, and set some money aside for an emergency fund.
The time for legalization is now.
And once it happens, Wall Street is going to go all-in on cannabis. But you could see potential profits of 626% or more if you claim your stake today.
Find out how you can capitalize on what we expect to be an unprecedented infusion of cash into the cannabis market right here.
12 responses to “COVID-19 Is Making a Case for Full Cannabis Legalization”
April 01 2020