Wyoming taking a look at Comprehensive Marijuana Legalization to build ~$49.5M in brand new Revenues

14 Wyoming legislators are sponsoring a bill to legalize cannabis within the continuing state.

If House Bill 209 were to become law, anyone 21 years or older could legally possess marijuana that is retailin amounts explained below) or cultivate cannabis for individual usage (also explained below).

The legislation proposes imposing a 30% excise income tax on the purchase of retail cannabis services and products and would additionally establish permit costs for the purchase of retail cannabis services and products.

The Wyoming Legislative Service Office estimates that legalization as proposed underneath the bill would produce an estimated $49.5 million in brand new income for hawaii in financial 2022.

The year funding would go to support Wyoming’s School Foundation Account and governments that are local. The LSO states an estimated $30.7 million each year could be created for the institution Foundation Fund, $15.35 million yearly for the neighborhood Sources Fund and $3.1 million in Unique Revenue (License Costs) within the year that is first of, decreasing to $860,000 in subsequent years.[Read more at Oil City News]

“Revenue increase estimates for the School Foundation Program (SFP) Account and governments that are local based on FY 2020 sales of cannabis and cannabis services and products in Colorado, modified for the populace of Wyoming,” the LSO states. “The Department of income (DOR) estimates these revenue increases to keep flat from FY 2022 – FY 2024.” (*)

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