Legalizing cannabis in Texas could bring the state more than half a billion dollars in new tax revenue each year, according to a report released last week by a leading cannabis policy and law firm. The economic analysis from Vicente Sederberg LLP also found that legal pot would result in more than $300 million in savings from reduced law enforcement costs annually and could create up to 40,000 jobs.
“A regulated cannabis market would be an economic boon for the Lonestar State,” Shawn Hauser, a partner at Vicente Sederberg who heads the firm’s Austin office, said in a press release. “Hundreds of millions of dollars in new tax revenue and tens of thousands of new jobs would be especially helpful in overcoming the losses stemming from the COVID-19 pandemic. Texas is leaving an enormous amount of money on the table by keeping cannabis illegal.”
According to the report, there are more than 1.5 million adults 21 or older in Texas who use cannabis on a monthly basis, a market that could generate up to $2.7 billion in regulated sales if marijuana is legalized for adult use. If those legal sales were taxed at a rate similar to Colorado’s, more than