Marijuana tax revenues set to skyrocket and surpass alcohol says Barclays
Written by Redacción Mota Radio on 6 December, 2021
U.S. states collected about $2 billion in tax revenue last year, and it looks like that figure could rise to between $10 billion and $12 billion by 2030, according to a new analysis from Barclays.
The investment firm forecasts that marijuana tax revenue would surpass tax revenue from alcohol.
“We will have some lasting consequences of the pandemic and we will need to make money somewhere”, said Mikhail Foux, head of municipal strategy at Barclays, according to Fortune.
Legal cannabis sales amounted to $17 billion in 2020 and should grow to $27 billion this year, according to Barclays. Likewise, by 2030 sales should reach $80 billion, the investment firm estimates.
There is no doubt that more and more U.S. states are looking favorably on marijuana since the substantial tax revenues generated by these sales are very attractive.
It is worth mentioning that up to this year, 18 U.S. states have enacted laws to regulate and tax cannabis for adult use. Of those states, eight passed their laws between 2020 and 2021.