Wednesday , May 27 2020
Home / New Hampshire Marijuana News / NH Marijuana Legalization Could Generate $57.8 Million in Taxes

NH Marijuana Legalization Could Generate $57.8 Million in Taxes

Cannabis Law

A recently released New Hampshire Department of Revenue analysis shows that the state could stand to bring in about $58-million annually from legal marijuana sales. The tax rate the state would choose to set is also a factor. At 15-percent, revenue could range between $26.7-million and $57.8-million.

The state has thrown around several different formulas including estimates of how much an average user could purchase and what dispensaries might charge to determine these estimates, according to the Concord Monitor. The state also figured in those that may still choose to purchase from the black market or go to out-of-state markets, Melissa Rollins of the Department of Revenue commented. The state used a recent New York study as its model for determining these estimates.

The previous estimate, in December 2017, estimated that the state could garner $41.6-million in tax revenue. The new estimate used more current numbers based upon realistic prices and consumption rates.

The study’s findings were given to the Commission to Study the Legalization, Regulation and Taxation of Marijuana. The commission’s findings are due to regulators by the end of November. Representative Pat Abrami only wonders if the estimations would be enough to sustain the cost of operating the new system.

Abrami said, “It gives us a sense of: Are we going to generate enough revenue to cover the cost of regulating?” the Stratham Republican said after a commission meeting Monday. “And the answer, I think, is going to be yes.”