If Colorado voters decide to legalize marijuana this November, the state could see more than $32 million in new revenue, according to a report by the Colorado Center on Law & Policy.
The report found that if Amendment 64 is passed, the state would gain about $24 million in new revenues from an excise tax on marijuana producers. Colorado would also see approximately $8.7 million in new sales tax revenues. Local governments would benefit as well, gaining around $14.5 million in new local sales tax revenue combined.
In addition, the report found that the cost of arrests, prosecution, sentencing, and incarceration for marijuana-related crimes amounted to more than $12 million — all of which would become instant savings for the year following legalization.