Wyoming Looking at Full Marijuana Legalization to Generate ~$49.5M in New Revenues – Cannabis Business Executive

14 Wyoming legislators are sponsoring a bill to legalize marijuana in the state.

If House Bill 209 were to become law, anyone 21 years or older could legally possess retail marijuana (in amounts explained below) or cultivate marijuana for personal use (also explained below).

The legislation proposes imposing a 30% excise tax on the sale of retail marijuana products and would also establish license fees for the sale of retail marijuana products.

The Wyoming Legislative Service Office estimates that legalization as proposed under the bill would generate an estimated $49.5 million in new revenue for the state in fiscal year 2022.

The funding would go to support Wyoming’s School Foundation Account and local governments. The LSO says an estimated $30.7 million per year would be generated for the School Foundation Fund, $15.35 million annually for the Local Sources Fund and $3.1 million in Special Revenue (License Fees) in the first year of legalization, decreasing to $860,000 in subsequent years.

“Revenue increase estimates for the School Foundation Program (SFP) Account and local governments are derived from FY 2020 sales of marijuana and marijuana products in Colorado, adjusted for the population of Wyoming,” the LSO says. “The Department of Revenue (DOR) estimates these revenue increases to remain flat from FY 2022 – FY 2024.” [Read more at Oil City News]