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State Estimates Up to $293 Million Annual Marijuana Revenue
By: Associated Press
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COLUMBUS, Ohio (AP) – Ohio’s top budget official says marijuana legalization could bring in annual tax revenue as high as $293 million, a figure called low by the proposal’s backers.
State budget director Tim Keen says the revenue estimate is based on the new legal market capturing 70 percent of all marijuana sales in Ohio.
Keen said in an analysis released Friday that annual revenue could be as low as $133 million based on the new market capturing 50 percent of marijuana purchases.
ResponsibleOhio, the group backing the November ballot, has projected revenue of just over half a billion dollars a year.
The proposed constitutional amendment, known as Issue 3, would make marijuana legal for adults 21 and older to use, purchase or grow in limited quantities.