A legislative panel in North Dakota has released a report which shows that if the state legalizes recreational marijuana this November, the state could bring in over $10 million in revenue over the first two years.
“Last Friday, North Dakota lawmakers discussed the financial impact of legalizing adult-use cannabis”, said New Economic Frontier, the group behind Measure 5, said in a social media post yesterday. “The state’s top tax official estimates that legalization could bring in at least $10.3 million in revenue over two years, though we believe this is just the minimum!”
The group says that “While the discussion covered potential costs and social impacts, this is a huge win for our cause. As we approach the November ballot, it’s clear that legalizing adult-use could provide significant revenue for our state.” They finish by saying “Let’s make history together this November 5th. Your vote can help North Dakota join the 24 states that have already legalized!”
Measure 5, if approved by voters on November 5, would legalize the possession of up to one ounce of marijuana, four grams of marijuana concentrates, and 1,500 milligrams of adult-use cannabinoid products for individuals aged 21 and older. The measure also includes provisions for residents to cultivate up to three marijuana plants for personal use. Additionally, it would establish a regulated market for the sale of marijuana products through licensed retailers.
Steve Bakken, chairperson of the New Economic Frontier, expressed optimism about the measure’s potential impact, highlighting the economic benefits and the opportunity to reduce the strain on law enforcement resources. “This is a chance for North Dakota to diversify its economy and create a more sensible approach to cannabis regulation,” Bakken said.
With Measure 5 on the ballot, North Dakota joins South Dakota and Florida as states considering legalization initiatives this November. If all three are approved by voters, there will be 27 legal marijuana states.
For the full text of Measure 5, click here.
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