UPDATE: The Grand Canyon Institute, an independent Arizona-based think tank, has released a report that concludes the proposed initiative to regulate and tax marijuana like alcohol in Arizona would likely raise more money for schools than backers of the initiative estimated last month.
According to a press release issued by the Campaign to Regulate Marijuana Like Alcohol:
According to the Grand Canyon Institute, a “centrist think-thank led by a bipartisan group of former state lawmakers, economists, community leaders, and academicians,” tax revenue from the initiative would initially generate $64 million annually, including $51 million for K-12 education and all-day kindergarten programs. It estimates that by 2019, once the new system is fully rolled out, it would raise $72 million per year, including approximately $58 million for public education.
“The Grand Canyon Institute…finds that the revenue projections were conservative as proponents claimed,” the report reads. “The revenue gains do exceed the $40 million espoused by proponents of the initiative.”
The Campaign to Regulate Marijuana Like Alcohol in Arizona held a press conference at the State Capitol Wednesday to highlight the fact that the initiative would generate more than $40 million in annual funding for public education in Arizona.
The initiative includes a 15% tax on retail marijuana sales, and 80% of that funding would be allocated to public schools and full-day kindergarten programs.
The campaign conservatively estimates that this tax would generate more than $40 million each year, and it could be an even higher amount than that.