Connecticut could collect nearly $1 billion in taxes over five years if the state were to legalize recreational marijuana, according to a new University of Connecticut report.
A study by UConn’s Center for Economic Analysis estimated that in five years of recreational sales Connecticut could collect anywhere from $784 million to $952 million in new taxes, according to the Hartford Courant.
Since the COVID-19-fueled recession has hit the U.S., many states are looking at new ways to raise tax revenue.
Lead study author Fred Carstensen said that in addition to raising taxes, welcoming the recreational marijuana industry to Connecticut would also add 16,000 jobs to the local economy in five years.
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