14 Wyoming legislators are sponsoring a invoice to legalize marijuana in the state.
If House Bill 209 have been to turn into regulation, anybody 21 years or older may legally possess retail marijuana (in quantities defined beneath) or domesticate marijuana for private use (additionally defined beneath).
The laws proposes imposing a 30% excise tax on the sale of retail marijuana merchandise and would additionally set up license charges for the sale of retail marijuana merchandise.
The Wyoming Legislative Service Office estimates that legalization as proposed beneath the invoice would generate an estimated $49.5 million in new income for the state in fiscal yr 2022.
The funding would go to assist Wyoming’s School Foundation Account and native governments. The LSO says an estimated $30.7 million per yr could be generated for the School Foundation Fund, $15.35 million yearly for the Local Sources Fund and $3.1 million in Special Revenue (License Fees) in the primary yr of legalization, lowering to $860,000 in subsequent years.
“Revenue increase estimates for the School Foundation Program (SFP) Account and local governments are derived from FY 2020 sales of marijuana and marijuana products in Colorado, adjusted for the population of Wyoming,” the LSO says. “The Department of Revenue (DOR) estimates these revenue increases to remain flat from FY 2022 – FY 2024.” [Read more at Oil City News]