{"id":19033,"date":"2021-12-03T15:00:18","date_gmt":"2021-12-03T20:00:18","guid":{"rendered":"https:\/\/www.veriheal.com\/blog\/?p=19033"},"modified":"2021-12-02T16:32:41","modified_gmt":"2021-12-02T21:32:41","slug":"ohio-could-get-an-inflow-of-tax-revenue-if-recreational-cannabis-is-legalized","status":"publish","type":"post","link":"https:\/\/www.veriheal.com\/blog\/ohio-could-get-an-inflow-of-tax-revenue-if-recreational-cannabis-is-legalized\/","title":{"rendered":"Ohio Could Get an Inflow of Tax Revenue if Recreational Cannabis Is Legalized"},"content":{"rendered":"

A recent legislative survey indicates that Ohio Republican lawmakers are more likely to support cannabis legalization than Democrats. Released at the beginning of November, the Gongwer Werth Legislative Opinion Poll<\/a> revealed that 36% of Democrats want cannabis to be legalized, whereas 43% of Republicans are keen on the idea.<\/p>\n

Werth, which is recognized as one of Ohio\u2019s top strategic public affairs and public relations firms, also focused on the prospect of addiction issues. While 50% of Democrats responded “no\u201d to the question of whether legalized adult-use marijuana would create addiction issues, 74% of Republicans said \u201cyes.\u201d<\/p>\n

Regardless of the growing political support for legal cannabis in Ohio, it remains uncertain as to whether or not residents will have the chance to vote in favor of a legalization measure that could be featured on the 2022 ballot. In the event of a successful vote, the Buckeye State could harvest plenty of economic rewards, with cannabis tax revenue being one of the legal market\u2019s major appeals.<\/p>\n

Gathering Signatures for Cannabis<\/b><\/h2>\n

It was during late August that Ohio<\/a> approved an initiative for recreational cannabis legalization. Thanks to an ongoing signature-gathering quest by a pro-cannabis campaign called \u201cThe Coalition to Regulate Marijuana Like Alcohol<\/a>,\u201d there\u2019s a good chance that Ohio voters may have an opportunity to vote on a referendum question regarding legal cannabis on the 2022 ballot.<\/p>\n

Titled \u201cAn Act to Control and Regulate Adult Use Cannabis,<\/a>\u201d the measure\u2019s approval means that the group can now proceed with their signature-collecting mission. The primary aim of the coalition is to collect the necessary 132,887 registered voter signatures to introduce a proposed law in front of state legislative members. In the event that the law is approved, adults aged 21 and above would be legally allowed to purchase, possess, cultivate, and use cannabis for recreational purposes across the state of Ohio.<\/p>\n

\u201cThis means limiting sales to people under the age of 21. We want to make sure that all products have been tested. It is produced by a licensed cultivator or processor here in Ohio. [and] Sold at licensed pharmacies,\u201d said Cleveland lawyer Thomas Harlen, who also serves as a coalition spokesman for Ohio\u2019s legal cannabis proposal.<\/p>\n

The Tax Benefits of Legal Cannabis<\/b><\/h2>\n

If we look at cannabis taxes in other U.S. states, it\u2019s clear that Ohio could attract plenty of economic success with its prospective legal market. A prime example is Michigan, which earns the Tax Foundation $288 million<\/a> in tax revenue every single year. Then there\u2019s Illinois, which has generated annual tax revenue to the amount of $277 million<\/a>.<\/p>\n

Colorado and Washington, two states that have collected cannabis taxes since the year 2014, are just as (if not more) impressive in terms of their annual tax revenue. A total of $267 million<\/a> was collected by Colorado in the calendar year 2018. Meanwhile, Washington amassed $439 million<\/a> in state cannabis taxes.<\/p>\n

An entire year\u2019s worth of state cannabis tax revenue was also reported by four other states, according to the Tax Policy Center<\/a>\u2014Alaska ($15 million), California ($354 million), Nevada ($87 million), and Oregon ($94 million). There are three main methods of imposing state and local government taxes on cannabis products:\u00a0<\/b><\/p>\n