Connecticut will be rolling in heavy green due to its legalization of recreational marijuana, according to the state’s Office of Fiscal Analysis.
The OFA projects that the medical marijuana industry will generate $3.1 million in sales during fiscal year 2022 – which runs from July 1, 2021 through June 30, 2022 – and another $1 million in municipal taxes.
Retail sales are expected to begin in Connecticut by the end of 2022, with the result that FY23 will generate $20.4 million in sales and another $5.9 million in municipal taxes, all of which will go to the general fund.
FY24 is predicted to generate $33.4 million in sales and $11.2 million in municipal taxes; 15% of the proceeds will go to the general fund, with 60% going toward social equity and innovation endeavors and the remaining 25% to the prevention and recovery services fund.
The forecast for FY25 is $53.8 million in sales and $17.4 in municipal taxes; for FY26, it is $55.2 million in sales and $18.2 million in municipal taxes, with the aforementioned percentages remaining the same.