By Steve Elliott
A new study indicates that if Maryland legalized marijuana, it would bring Maryland more than $40 million in taxes revenues.
The study by financial advisory company Nerd Wallet found that the United States would make $3 billion in taxes if cannabis were legally sold; it then broke down what every state could expect in marijuana revenue, reports Megan Pringle at WBAL-TV.
Due to the illegal nature of marijuana in 48 states, it's hard to get good numbers on the amount of weed that's bought and consumed. To estimate what each state would get from cannabis sales, Nerd Wallet said it had to rely on how many people report smoking pot to the federal government -- so it's a pretty safe bet that there numbers are substantially low.
The study found that in Maryland, more than 145,000 people use cannabis. Based on that, and estimated tax revenues, if marijuana were legal, it would bring Maryland $40,548,337m, the study estimated.
California would make the most, at $500 million, while Wyoming, South Dakota and North Dakota would make the least, each with less than $10 million, the study showed.
Texas, Washington, Michigan, Illinois, Ohio, Pennsylvania, New York and Florida are all estimated to get more than $100 million from legalization.