Yo, check it out! There’s some dope news coming out of Wisconsin. They just dropped a report on the potential moolah they could be raking in if they legalize cannabis. And let me tell you, the numbers are off the charts!
So, there’s this bill called Senate Bill 486, or SB 486 for short. It was introduced a couple of months ago and it’s all about legalizing that good ol’ Mary Jane. The Wisconsin Department of Revenue just released a fiscal report that breaks down the impact of legalization. And let me tell you, it’s looking pretty damn lucrative.
Now, Wisconsin ain’t got no data of its own to work with when it comes to the cannabis industry. But they took a look at what’s going down in their neighboring states like Michigan, Illinois, and Minnesota to get an idea of what’s up. According to the report, these states are raking in cash through permits, licensing fees, and taxes on retail sales. Illinois even taxes the sales from growers to retailers. That’s what I call hustlin’!
So, here’s the deal. If Wisconsin slaps a 15% excise tax on cannabis, they could be pocketing a sweet $24.6 million in the first year alone. And that number just keeps growing, with $48.6 million in the second year and a whopping $60.1 million in the third year. Plus, if they charge a 10% excise tax on cannabis retailers, they could be looking at an additional $19.1 million in the first year, $47.3 million in the second year, and an impressive $64.9 million in the third year.
But wait, there’s more! Wisconsin is also thinking about slapping a 5% state general sales tax on cannabis. And that would bring in another $9.5 million in the first year, $23.6 million in the second year, and a staggering $41.7 million in the third year. Damn, that’s a whole lot of green!
Now, they’re not stoppin’ there. Wisconsin is also lookin’ at county tax estimates and this thing called a “stadium tax” for some counties. This 9.6% state sales tax could bring in up to $0.9 million in the first year, $2.3 million in the second year, and $3.1 million in the third year. And let’s not forget about that Milwaukee-specific sales tax of 2.5%, which could add another $0.2 million in the first year, $0.6 million in the second year, and $0.8 million in the third year.
If you add all those numbers up, we’re talkin’ about a total of $54.3 million in the first year, a whopping $122.8 million in the second year, and an eye-poppin’ $170.5 million in the third year! That’s some serious dough, my friends.
But hold up! There’s more to this report than just cold hard cash. They also looked at the fees that would come along with legalization. They estimate that it would cost around $4 million to get everything set up and hire some staff to handle all this cannabis goodness. And down the line, they’d need an extra $4.5 million to expand that staff. Gotta keep things runnin’ smoothly, right?
Now, let’s talk about who’s behind this whole legalization movement. It was spearheaded by Sen. Leader Melissa Agard and Rep. Darrin B. Madison. Agard is all about ending Wisconsin’s outdated marijuana policies and bringing in some prosperity for the state. She even said that people are crossing state lines to get their hands on that sweet Mary Jane, and that’s money Wisconsin could be keepin’ in their own pockets.
Madison is all about the right of the people to enjoy cannabis without fear of gettin’ busted. He mentioned how black folks in Wisconsin are gettin’ hit hardest by these criminalization laws. And let me tell you, the numbers don’t lie. Black people are over four times more likely to get arrested for weed than white people in this state. It’s time to put an end to that injustice!
But here’s the deal, my homies. Even though the people of Wisconsin are down with legalization, it’s gonna be an uphill battle. The legislators in power ain’t too keen on this whole idea. And with a Republican majority in the legislature, it’s gonna be tough for SB 486 to make it through.
But hey, we can always hope for a change of heart, right? The people want it, the potential revenue is off the charts, and it’s time to bring Wisconsin into the 21st century. So let’s keep pushin’ for that green dream, my friends!