If Arkansas voters approve a marijuana legalization initiative on the ballot this November, the market could see nearly $1 billion in annual cannabis sales and more than $460 million in tax revenue over five years, according to a new economic analysis. That’s in addition to the job growth it would drive and its overall economic impact.
The legalization campaign Responsible Growth Arkansas commissioned the report, which was conducted by the Arkansas Economic Development Institute (AEDI) and released on Wednesday.
“The measurable economic impact of introducing an adult-use marijuana market, including economic activity diverted from illicit markets, is estimated to increase state gross domestic product by up to $2.36 billion over five years and increase employment of up to 6,400 jobs by 2027,” Michael Pakko, chief economist at AEDI, said in a press release.
The five-year analysis found that Arkansas could see yearly sales reaching $984 million by 2027. Over the full half-decade scope of the projection, there would be $163.1 million in revenue the standard state sales tax on marijuana purchases alone. That’s in addition to the estimated $303.6 million in revenue from the supplemental 10 percent cannabis tax imposed under the proposed constitutional amendment.
Via AEDI.
The economists broke
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