Dope Tax – coming soon!
The legalization of marijuana is coming soon to a state near you. Bet on it.
Any time there is item, sector or product that can be taxed without hurting the hard
core voters, it seems to make its way into our lives. Why? In this case,
it’s easier than proposing just about any alternative. Soon to be
introduced into Maryland, it passed a resolution in New Hampshire and is
already law in Colorado and Washington. One U.S. internet site has a map
and progress information – you can find it here -
I would have never imagined this would occur but the amount of tax dollars is
overwhelming. A 25% tax on an ounce of hooch priced at, say $400 per
ounce, can quickly add up. Supplies are short – or are they? If yes, we
will certainly overcome that obstacle quickly. It shouldn’t be hard to
modify farm equipment once the tax system is adjusted for the growers of
The introduction of marijuana into states will also create jobs on the
auditing side. Care takers are already trying to beat the system by
acquiring ‘patients’ so that their tax rate to purchase marijuana is
much less that purchasing for recreation. For better or worse, marijuana
is coming to your state and probably sooner than you know it.
So when you hear that a state budget is ‘going up in smoke’, it may mean something
different than it did to Mom or Dad.
Mark Schuster, Partner
January 17, 2014