The government would save an estimated $ 13.7 billion on prohibition enforcement costs and tax revenue by legalizing marijuana, according to “Pot Legalization Could Save U.S. $13.7 Billion Per Year, 300 Economists Say.”
It’s estimated that Washington’s legalization of marijuana could bring the state an additional $500 million in tax revenue, WPTV reports.
Colorado’s pot legalization legislation, Amendment 64, is estimated to create $60 million for the state in combined savings and additional tax revenue, Colorado Springs Business Journal reports.
Marijuana users could see substantial savings due to marijuana legalization, as prices could fall by up to 100 times, perhaps freeing up some much needed cash to repurpose elsewhere.
Inmates that have been incarcerated on marijuana related charges, roughly, cost the United States prisons $1 billion annually, according to a 2007 study, AlterNet reports.
Including lost cost tax revenues, a 2007 study found that enforcing the marijuana prohibition costs tax payers roughly $41.8 billion annually, Forbes reports.
TIME Magazine reports in California alone marijuana growers account for $14 billion in sales, currently making it the state’s largest cash crop.
According to MadameNoire, the illegal marijuana industry in the United States is estimated to gross $36 billion.
The Sacramento News and Review saw a substantial boost in their ad revenue after they were allowed to offer business to 60 plus medical marijuana dispensaries, this inadvertently caused growth and additional jobs.
Mendocino County – California’s “zip tie” program focused on regulating medical marijuana growers by charging them a permit for each plant which raised $600,000 in revenue for the Sheriff’s department in 2011.
According to The New York Times in 2011, Oakland, California raised approximately $1.3 million in tax revenue from the medical marijuana industry, which is a 3% increase in the city’s business tax revenue as a whole.
In 2011, The New York Times also reports Colorado having earned $5 million in sales taxes from all medical marijuana businesses in the industry.
Bloomberg Businessweek reports that legal medical marijuana could gross an estimated $45 to $100 billion, the theory of Economist Stephen Easton in 2010.
WeGrow, “The First Honest Hydro Store” creates an estimated 75 jobs every time they open another hydroponic marijuana growing supply chain.