Missoula, MT: Legalizing adult-use marijuana sales, as proposed by a pair of 2020 statewide ballot initiatives, would yield well over $200 million in new tax revenue over the next five years, according to a study published by the University of Montana at Missoula’s Bureau of Business and Economic Research.
Authors of the study, which was commissioned by the group New Approach Montana, estimates that passage of the measures, I-190 and CI-118, will provide over $40 million dollars in new tax revenue in 2022 and over $236 million in revenue by 2026.
Statutory initiative I-190 allows adults to possess up to one ounce of marijuana and to cultivate up to four mature plants for personal use. The state would impose a twenty percent tax on retail sales, and revenue from those sales would be directed towards substance abuse treatment, veterans’ services, health care, and other programs.
The second ballot measure, CI-118, amends the state’s constitution so that only those age 21 or older may patronize the legal cannabis market.
Voters in Arizona, Montana, New Jersey, and South Dakota will be deciding on adult-use legalization initiatives on Election Day.
Full text of the study, “An Assessment of the Market and Tax Revenue Potential of Recreational Cannabis in Montana,” is available online. Additional information on 2020 statewide initiatives is available from NORML Election Central.