Budgetary Analysis Concludes that Colorado Could Gain Over $60 Million in Revenue and Savings by Decriminalizing Marijuana

A budgetary analysis by the Colorado Center on Law and Policy concluded that Colorado could gain over $60 million if Amendment 64 passes.

Amendment 64 is on the ballots this November in Colorado. If passed, The Regulate Marijuana Like Alcohol Act of 2012, allows for the possession of up to  one ounce of pot and the cultivation of up to 6 plants.  Any person in possession or cultivating must be at least 21 year of age. In addition to legal possession, Amendment 64 also allows for the establishment of laws regulating legal retail sales of marijuana.

The Colorado Center on Law and Policy has broken down the numbers like this: $12 million savings in legal costs; $24 million in excise tax revenue;  $8.7 million in state tax revenue and $14.5 million in local tax revenue. They also estimate that Amendment 64 will create several new jobs. These projects are likely to double by 2017.(That’s $120 million! by 2017).

In August, Public Policy Polling did a survey on the likelihood of Amendment 64 being passed. So far those living in Colorado favor the Amendment by a measure of 47 to 38 percent.