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 ‚Äúcentrist think-thank led by a bipartisan group of former state lawmakers, economists, community leaders, and academicians,‚ÄĚ 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.
‚ÄúThe Grand Canyon Institute‚Ä¶finds that the revenue projections were conservative as proponents claimed,‚ÄĚ the report reads. ‚ÄúThe revenue gains do exceed the $40 million espoused by proponents of the initiative.‚ÄĚ
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.
azfamily.com 3TV | Phoenix Breaking News, Weather, Sport