Wyoming considering complete Marijuana Legalization to come up with ~$49.5M in brand new Revenues

14 Wyoming legislators are sponsoring a bill to legalize cannabis into the continuing state.

If House Bill 209 were to become law, anyone 21 years or older could legally possess marijuana that is retailin amounts explained below) or cultivate cannabis for individual usage (also explained below).

The legislation proposes imposing a 30% excise income tax on the purchase of retail cannabis services and products and would additionally establish permit costs for the purchase of retail cannabis services and products.

The Wyoming Legislative Service Office estimates that legalization as proposed beneath the bill would produce an estimated $49.5 million in brand new income for their state in financial 2022.

The year funding would go to support Wyoming’s School Foundation Account and governments that are local. The LSO claims an estimated $30.7 million each year could be created for the college Foundation Fund, $15.35 million yearly for the area Sources Fund and $3.1 million in Unique Revenue (License Charges) into the year that is first of, decreasing to $860,000 in subsequent years.[Read more at Oil City News]

“Revenue increase estimates for the School Foundation Program (SFP) Account and governments that are local derived from FY 2020 sales of marijuana and marijuana products in Colorado, adjusted for the population of Wyoming,” the LSO says. “The Department of income (DOR) estimates these revenue increases to stay flat from FY 2022 – FY 2024.” (*)

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