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Study Shows That States Are Losing Out On Billions By Not Legalizing Weed

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States are dropping the ball by not legalizing pot.

As time continues to pass, more and more states are becoming lenient in regards to legalizing marijuana. As of now, 24 states, in addition to Washington DC, have given the O.K. for bypassing laws restricting marijuana usage. Four states, and D.C., currently enable people to use weed for recreational use, as well.

A new study just came out indicating how states that legalized marijuana are prospering significantly, while the remaining ones are missing out on billions of dollars in revenue.

guy smoking weed

Source: Pe3k / Shuttershock

Check out how much money is potentially being left on the table…

States Are Losing $28 Billion Annually

strains of weed

Credit: OpenRangeStock / Shutterstock

According to The Washington Poststates that haven’t legalized weed are losing over a whopping $28 billion a year. A study held by an independent think tank named, Tax Foundation, indicates that states are throwing away all of that money in yearly tax revenue by not legalizing the drug.

$28 Billion Waiting To Be Collected

Weed by the billions

Source: Tax Foundation

According to the study by the Tax Foundation, “A mature marijuana industry could generate up to $28 billion in tax revenues for federal, state, and local governments, including $7 billion in federal revenue: $5.5 billion from business taxes and $1.5 billion from income and payroll taxes.” That’s a lot of money not being accounted for.