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Connecticut Releases Updated Marijuana Tax Revenue Projections For The Next Five Years

Connecticut Releases Updated Marijuana Tax Revenue Projections For The Next Five Years - Marijuana Packaging

Connecticut officials have released their projections for marijuana tax revenue the state is expected to generate over the next half-decade. For the 2022 fiscal year, Connecticut stands to earn around $4.1 million in state and local cannabis taxes. The report says, by the 2026 fiscal year, it rises to a yearly haul of $73.4 million. For the first two fiscal years, all the revenue will support administrative costs via the general fund.

Starting in 2024, 15 percent of the revenue will go to the state’s general fund, 60 percent will go toward social equity and innovation and 25 percent will go to prevention and recovery services. The projections came as Connecticut legalized recreational marijuana for adult use.

Connecticut Governor Ned Lamont’s press release stated, “Passage of this new law was an important step forward in ending the failed war on drugs as adults over the age of 21 can now legally possess and consume cannabis in Connecticut.” He continued, “Now begins the important work of standing up a fair, well-regulated marketplace for businesses and consumers that prioritizes public health, safety, and social equity.”

As regulators work to set up the adult-use market, they also launched a website to provide more information on the new law. Besides zoning out what’s legal and prohibited currently, the site also features a tab on diversity and inclusivity in the industry and how the legislation seeks to promote social equity.

Medical marijuana patients can begin growing for personal use starting October 1, while recreational cannabis smokers can begin cultivating for personal use on July 1, 2023.

Starting July 1, 2022, people in the state can also appeal to have other cannabis convictions erased, such as possession of marijuana paraphernalia or the sale of small amounts of THC. Even though it’s taking more time than anyone thought to get the legalization process started for the cannabis community, it’s still great to see more steps being taken in the right direction as far as marijuana reform goes.

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