How Tax Revenue from Legalization Helps NJ
New Jersey is in the process of legalizing cannabis, but there are still a lot of questions about how this will be done and what the benefits will be.
Cannabis could bring a huge boom to the New Jersey economy, generating up to $350 million in annual tax revenue from legalization1. The analysis suggests that legalizing and taxing cannabis could bring in more money than the state currently takes in from alcohol taxes. Considering the potential benefits of legalization — including reduced law enforcement costs and increased employment opportunities — it’s clear that cannabis taxation should be a priority for the NJ legislature.
The Benefits of Taxation and Legalization
One of the most important things to consider about tax revenue from legalization is that money would go towards public education. Many people mistakenly think revenue from marijuana legalization would only go toward law enforcement and rehab programs, but this revenue would be split to support those things, as well as public education. Schools will benefit from sales, resulting in a better community for all.
An important aspect of the revenue is that it would come from a business tax and a sales tax on cannabis products. This revenue could make a massive difference in the lives of students and families across New Jersey. One way families benefit from government programs is through public schools. The revenue from marijuana legalization would help improve the quality of education for students, which is a large part of New Jersey’s economy.
How Cannabis Revenue Helps the State
Regarding lowering costs for the state, the money from taxation on cannabis has even been compared to the amount that organizations spend annually helping people who have fallen victim to drugs and alcohol. Cannabis regulation would not only save law enforcement costs but also boost New Jersey’s economy.
Another great reason to encourage taxation on cannabis is that it would create jobs. Cannabis regulations would likely mean more businesses are generated throughout the state, which means more job opportunities. New Jersey has an unemployment rate of 6.3%, which could be improved by creating new jobs for residents to support the marijuana industry. These jobs can unite modern marijuana trends with age-old growing practices, creating a perfect product ready for marketing.
By encouraging cannabis legalization, you help create hundreds of millions in tax revenue for the state, better education opportunities, reduce America’s mass incarceration problem, and improve our infrastructure. Some roads, bridges, and other public utilities will likely receive a funding boost from the taxation. We should all consider supporting taxation on cannabis for these reasons – and the unmatched revenue it brings in.
Working with Herban Creative
Taxing marijuana could generate millions of dollars in revenue for the state, and that money could be used to fund important programs and services. For assistance on marketing your cannabis brand, consider working with us.
Herban Creative is a top-tier cannabis advertising agency that can help you navigate these waters and make sure your business takes advantage of the opportunities legalization presents. We have years of experience working with businesses in the cannabis industry, and we know what it takes to succeed. Contact us today to learn more.