Non-partisan think tank Grand Canyon Institute estimates tax revenues from a proposed 2016 ballot initiative would be higher than the bill's backers predict.
“The study used Colorado as a basis, and came up with an estimate that if it was actually fully in place today, the tax on recreational marijuana would bring in about $64 million, which would include $51 million for public education," said Dave Wells, Research Director for The Grand Canyon Institute.
Campaign to Regulate Marijuana Like Alcohol has said its bill would raise at least $40 million for the state's education fund. The bill places a 15 percent tax on marijuana on top of any sales tax.
