Virginia could net more than $300 million per year in tax revenue if the state were to legalize recreational marijuana, according to a report released Monday by Virginia’s legislative watchdog agency.
“We were directed to look at how Virginia could legalize marijuana and create a commercial market, but we were not asked to look at if that should be done,” said Mark Gribbin, an analyst with the Joint Legislative Audit & Review Commission.
“We conducted over 100 interviews, looked at other legalized states’ laws and regulations and reviewed over 200 academic journal articles.”
According to the report, it would take five years to reach that $300 million mark. It determined that legalizing marijuana could lead to the creation of more than 11,000 jobs and reduce arrests in the state by 84%, particularly among Black residents.