Oregon marijuana regulation would generate $38.5 million in first year
Tax money would go to schools, police, drug treatment, drug prevention and mental health
A comprehensive analysis released today by ECONorthwest, one of the most respected independent economic forecasting firms in the country, has found that marijuana regulation in Oregon would generate $38.5 million in excise tax revenue in the first year. In the first biennium, it would generate $78.7 million.
The study, the most thorough to date, specifically examines regulated sales of marijuana under the “Control, Regulation, and Taxation of Marijuana and Industrial Hemp Act” that Oregonians are expected to vote on in November 2014.
The analysis is conservative and it does not examine the amount that would be saved by courts, police and jails because marijuana penalties would be eliminated. Over the last decade, nearly 100,000 people have been cited or arrested for marijuana.
Under the measure, 40 percent of the tax money collected would go to schools; 35 percent would go to state and local police; and 25 percent would go to drug treatment, prevention and mental health programs.
An earlier study by Harvard economist Jeffrey Miron found that regulating marijuana sales in Oregon would save about $71 million in government expenditures.
In the first 10 days of marijuana sales in Washington, the state has taken in $318,000 in excise taxes.