Providence, RI — Taxing and regulating the marijuana market in Rhode Island will generate nearly $50 million in new annual tax revenue, according to a report issued this week by the advocacy coalition Regulate Rhode Island.
According to the report, commercial sales of cannabis are estimated to reach $161 million by 2020. Taxing this retail market at rates comparable to those in Colorado or Washington would yield $48.3 million per year.
Legislation (The Adult Use of Cannabis Act) is pending in the Rhode Island House and Senate to regulate the commercial production and sale of cannabis to adults. Similar legislation is also pending in Connecticut.
Voters in Massachusetts passed a similar measure by voter initiative in November.
For more information, please contact Justin Strekal, NORML Political Director, at: (202) 483-5500.