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Will States Impacted By Coronavirus Turn To Marijuana Legalization?
Submitted by Marijuana News on Wed, 05/20/2020 - 09:37
States still searching for the best path forward in balancing economic and health concerns amid the continuing coronavirus outbreak also face another challenge once businesses reopen: recovering billions lost in state tax revenue, as well as millions of lost jobs.
In the long term, marijuana legalization might provide an answer. Even in historically conservative Texas, where marijuana is not legal but has been decriminalized, a movement is growing to legalize cannabis. Many believe the resulting tax revenue can help the state recover.
It’s a critical issue for many states. U.S. House Democrats recently underscored the severity of the problem by proposing a $3 trillion coronavirus relief package that includes $1 trillion for state and local governments.
That could help in the short-term. But long term, ongoing revenue is needed to replace some businesses that may never return. The legal marijuana industry may provide a solution.
A focus on tax revenue generation