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Legal pot could generate $554 million in annual tax revenue, says ResponsibleOhio

COLUMBUS, Ohio -- Supporters of a constitutional amendment that would legalize marijuana in Ohio said their plan could generate $554 million in annual tax revenue once the industry has been established.

ResponsibleOhio released initial tax revenue projections for its legalization proposal, which limits commercial growing of marijuana to 10 pre-selected sites promised to campaign investors. Marijuana would be taxed 15 percent at production and manufacturing facilities and 5 percent at retail locations, with tax revenues going toward local governments, addiction services, and marijuana research.

ResponsibleOhio estimates more than 269 tons of recreational and medical marijuana would be consumed in Ohio each year beginning in 2020, when it expects the new market to stabilize. That breaks down to about 1 ounce per Ohioan over age 20, using population estimates from the Ohio Development Services Agency. The amendment would legalize purchase, possession and use of up to 1 ounce for adults over age...

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URL: 
http://www.cleveland.com/open/index.ssf/2015/03/legal_pot_could_generate_554_m.html