Power of Data Visualization

In the midst of the worst recession since the Great Depression, many have pointed to increased legalization or decriminalization of marijuana as being an untapped resource for taxation, and a source of new small business growth and employment. It is estimated that nearly $1 billion per year could be generated in marijuana production upon nationwide legalization with a flat 10% tax on producers. This, of course, coupled with a significant drop in the cost of policing and prosecuting the use of marijuana could lead to net savings.

via blog.turbotax.intuit.com

With a bill to legalize marijuana on the November California ballot, the controversy over the prohibition has reached a new high. Supporters see the potential tax revenues as a solution to the state’s mounting budget crisis, while those against argue that the increased use of marijuana will bring with it additional health care costs that far outweigh any economic benefits. We couldn’t think of a more appropriate day than today, 4/20 to take a look at the economic implications of a repeal of the prohibition. Is this a viable plan to get the state out of the weeds or just some kind of reefer madness?