Report: Legalizing Marijuana Could Bring In As Much As $40M Annually To N.H.
Estimates from the state’s revenue agency project New Hampshire could see anywhere from $26.6 million to $39.9 million annually from the taxation of legalized marijuana.
Those estimates were presented to the House Ways and Means Committee on Thursday from the state’s Department of Revenue.
The committee heard from several state agencies about the potential revenue and regulatory implications, should New Hampshire become the third state to legalize the drug.
The Department of Revenue’s projections were based on a $30 per ounce tax on wholesale sales and a 15 percent tax on retail sales.
Those are the tax guidelines outlined in a bill passed by the House earlier this month.
The committee is reviewing the legislation before sending it back to the full House.
The bill would then move to the Senate.
Governor Maggie Hassan has already said she will veto the legislation, should it reach her desk.
The DRA estimates that 12 percent of the state’s population smoked an average of 3.53 ounces of marijuana in 2012, based on a national survey.