Connect with us

Local News

Cannabis used recreationally might bring in $460 million in tax revenue for Arkansas

Published

on

Little Rock, Arkansas – Considering Growth in regards to Issue 4, Arkansas commissioned a report that estimated it might bring in more than $460 million in tax revenue over the course of five years.

The Arkansas Adult Use Cannabis Amendment, a proposed constitutional amendment, was subject to an economic analysis by economists at the Arkansas Economic Development Institute. The assessment covered a five-year prediction period from 2023 to 2027.

“The measurable economic impact of introducing an adult-use marijuana market, including economic activity diverted from illicit markets, is estimated to increase state gross domestic product by up to $2.36 billion over five years and increase employment of up to 6,400 jobs by 2027,” stated Michael R. Pakko, Ph.D., Chief Economist and State Economic Forecaster for AEDI.

A news release claimed that AAUCA generates over $303.6 million in extra sales tax income in addition to adding new jobs and raising Arkansas’ GDP.

“Well-funded police departments are critical for our local communities. As a former Sheriff, I am proud to support and vote for the Arkansas Adult Use Cannabis Amendment, aka Issue 4,” said RGA Vice Chairman, and former law enforcement official Lance Huey. “Issue 4 will keep our communities and children safer by providing much-needed funding for law enforcement and drug courts.”

“We are officially on the ballot and have a great story to tell the voters of Arkansas. Voters can create a new adult-use cannabis industry by voting FOR issue 4 on November 8th,” said Responsible Growth Arkansas Chairman, Eddie Armstrong. “Issue 4 will provide Arkansans with thousands of new good-paying jobs and hundreds of millions in new tax revenue.”

Advertisement

Trending