Payday has arrived! Over the next few weeks, Oregon will distribute over $85 million of marijuana-related tax revenue to schools, law enforcement, local towns and substance abuse programs. [tweet this]
Give me a slice of that cheddar!
This its the first time the tax has been distributed since Oregon legalized cannabis back in January 2016.
Schools stand to benefit the most, receiving 40% of the entire payout. Mental health and substance abuse programs will have 20% of the total coming their way, the police 15%, and the Oregon Health Authority 5%.
The remaining amount will be divided among cities, counties and towns. What district gets how much, however, is confusing and controversial. Some regions don’t even know how much money to expect, making it difficult to plan their annual budgets.
Why is this important?
Time and time again, states with legalized cannabis use show the financial perks of regulating and taxing the industry.
Colorado has brought in over $500 million in pot taxes, with about half going to schools. Washington state similarly has collected over $650 million in taxes. Nevada, which went legal this past July, collected over $3.7 million in taxes in just its first month.
While there’s a minor controversy over Oregon’s distribution formula, the fact remains that a significant payday is coming. For the rest of us, cannabis taxes have consistently provided real dollars to boost cash strapped schools, programs and municipalities.
Money talks, and right now it’s shouting “legalize it!”