Arizona has the potential to have a $303 million recreational marijuana market that would produce as much as $70 million in tax revenue. NerdWallet Inc., a financial research firm, examined Arizona’s potential recreational marijuana market size and tax revenue generated to establish these projections.
NerdWallet estimated that there are over 228,000 adult marijuana users in Arizona, which accounts for 5% of the totatal population over the age of 25.
Jeffrey Miron, a Harvard University economist, estimates that the U.S. marijuana market is valued at $14 billion and legalization would reduce prison and police department costs by nearly $7.7 billion annually.
Arizona will likely have a marijuana legalization initiative on the ballot in 2016.