Texas and Taxes

As mentioned in my last blog, the state of Texas is seriously considering the legalization of marijuana. Four of Five Texans support legalizing marijuana in a recent survey of 1,600 tax payers.  Overall, more Texans support funding education by legalizing cannabis rather than using other revenue options like increasing sales tax, placing a new tax on sugary drinks, or raising taxes on hotel occupancy or motor vehicles.

The economic successes of legal cannabis markets across the US have been clearly stated: The entirety of the market was valued at over $13 billion in 2019 – with only 11 adult-use states in the US at the time. Most states are leaning towards using tax revenue, from Cannabis, in supporting K-12 education, early literacy programs, building and renovating schools. 

Moving forward, it seems states realize taxes from the cannabis market is a huge source of boosting educational programs and building new foundations of funding for our educational systems.