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Tuesday, May 16, 2017

Statement Regarding Connecticut Democrats' Proposed Budget, Which Includes Regulating and Taxing Marijuana for Adult Use

Statement Regarding Connecticut Democrats' Proposed Budget, Which Includes Regulating and Taxing Marijuana for Adult Use

The plan could generate $240 million in new tax revenue in the first biennium


HARTFORD, Conn. - May 16, 2017 (Investorideas.com Newswire) Democratic state lawmakers proposed a budget Tuesday that includes regulating and taxing marijuana for use by adults 21 and older.
In the first year under the proposed plan, adults would be able to purchase limited amounts of marijuana from existing medical marijuana dispensaries, and sales would be subject to a 25% tax in addition to the standard 6.35% state sales tax. Once the state has licensed adult-use businesses, marijuana would be subject to an excise tax of $50 per ounce in addition to the standard 6.35% state sales tax on retail sales. Oregon and Nevada have taken similar approaches, allowing early adult sales in medical marijuana businesses.
An analysis of the plan estimates it would generate approximately $60 million in marijuana tax revenue in the first full year and $180 million in the second year.


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