An Ohio State University study estimates the potential annual tax revenue from legalizing marijuana ranges from $276 million to $403 million in year five of an operational cannabis market.
The following article was originally published in the Ohio Capital Journal and published on News5Cleveland.com under a content-sharing agreement.A recent Ohio State University Drug Enforcement and Policy Center study estimates the potential annual tax revenue from legalizing marijuana ranges from $276 million to $403 million in the fifth year of an operational cannabis market.
The money from legalizing adult-use cannabis would go into four buckets: 3% would go to general administrative costs, 25% goes to a substance abuse and addiction fund, 36% would go to a local host community fund to disperse the money to communities that have adult-use dispensaries and the remaining 36% goes into a social equity and jobs program fund.
The amount of taxes collected is “highly dependent on what type of tax levels and structure would be adopted” if Issue 2 passes, according to the Ohio State study. “We actually do not know what will happen in the future, but if you look at all the numbers from the states that have legalized marijuana you can make an educated guess,” Hrdinová said. “We have modeled the numbers very conservatively in terms of the gross of the market as well as the pricing of the market.”
The Republican is also concerned about overdose deaths. Ohio’s overdose death rate is 38.3 deaths out of every 100,000 residents — behind West Virginia’s 52.8 and Delaware’s 48, according to the National Center for Drug Abuse Statistics.
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