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Report: Legal marijuana gives small boost to government revenue

1 month 2 weeks 2 days ago Tuesday, May 08 2018 May 8, 2018 May 08, 2018 8:13 AM May 08, 2018 in News
Source: Associated Press
By: Associated Press

A new report finds that legalizing and taxing marijuana boosts revenue for state and local governments, but not by much.

The credit rating agency Moody's Investor Service says in a study released Tuesday that legalizing recreational use of marijuana brings governments more money than it costs.

Despite high taxes on the drug, it accounts for just a small portion of government budgets. A marijuana tax brings in the equivalent of about two percent of the state budget in Colorado, for instance.

Moody's described the revenue effect as minimal on local governments in states with legalized pot. Twenty-nine states now allow marijuana for either medicinal or recreational uses.

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