The state of Alaska stands to gain $23 million in annual tax revenues from a fully legal marijuana market, according to a report released this week by the Marijuana Policy Group — a research organization that does not take a stance on issues associated with making marijuana legal.
The report estimates that the total sales from a legal marijuana market would generate $56 million in 2016 and would climb to $107 million in 2020, if Alaska’s resident voters approve Measure 2 on the ballot next week.
The report was conducted by the same non-partisan group of academics and private researchers that provided the legal marijuana market estimates to Colorado upon the passing of Amendment 64. It now aims to apply the lessons learned from Colorado to Alaska.
Moreover, based on data from the National Survey on Drug Use and Health, the report estimates that there are 103,000 marijuana users above the age of 21 in Alaska, representing at least one-fifth of the state’s adult population. It is reasonable to think that a multi-million dollar legal marijuana market will take the place of the illicit market in years to come.