As states mull over the logistics of legalizing recreational marijuana, New York Marijuana tax revenue potential might be seen in the context of using Colorado as a case study of how to roll it out and reap the financial rewards. While Colorado started recreational sales in January 2014, it took a few years for them to iron out how the law and its corresponding tax generation are applied. It also took time for businesses to set up shop and start achieving some sort of stable revenue.
Colorado now has 8.9 dispensaries and is grossing $16.6 million in sales per 100,000 people, generating $247 million in taxes and fees last year.
If states like New York can emu
late Colorado’s rate of marijuana sales, they could see substantially higher revenue due to the state’s larger population: