Legalizing Marijuana in Rhode Island Would Yield Nearly $50 Million in New Annual Revenue

PROVIDENCE, RI — Taxing and regulating the marijuana market in Rhode Island will generate nearly $50 million in new annual tax revenue, according to a report issued this week by the advocacy coalition Regulate Rhode Island.

According to the report, commercial sales of cannabis are estimated to reach $161 million by 2020.

Taxing this retail market at rates comparable to those in Colorado or Washington would yield $48.3 million per year.

Legislation (The Adult Use of Cannabis Act) is pending in the Rhode Island House and Senate to regulate…

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