Rhode Island lawmakers are milling over legislation to legalize recreational marijuana. Some lawmakers say they have the votes to do it. How much could the state make in revenue from recreational marijuana? Experts speculate that $50-million in new tax revenue could be generated.
Regulate Rhode Island speculates that the state’s marijuana industry could grow to $161 in sales by 2020, according to Newsyab. The structure used to create the estimates is based upon sales in Washington State and Colorado. With those projections, Rhode Island could yield about $48.3-million in tax revenues annually.
The numbers provided by experts are just examples as lawmakers move feverishly to pass the current legislation to legalize recreational marijuana in the state.