Voters in Missouri may finally have the opportunity to vote to legalize medical marijuana in the upcoming 2016 election. But before the issue makes it to the ballot, the petition has to be approved by Missouri’s secretary of state and attorney general.
Included in the proposal is the rate at which medical marijuana sales would be taxed: Retail sales would be subjected to a 75 percent tax and licensed dispensaries subjected to a 10 percent tax for the wholesale sale of marijuana.
Taxes from medical marijuana sales would fund in-state research facilities to develop cures and additional treatments for cancer. This also includes other diseases and medical conditions that have been deemed incurable.
All of this must happen rather quickly to make the ballot inclusion deadline of May 8, 2016. In order for this issue to be included on the 2016 ballot, the initiative must collect signatures equaling 8 percent of the total number of votes cast for the 2012 gubernatorial election.
If medical marijuana legalization passes, an estimated tax and fee revenue up to $58 million dollars is likely. The legalization of medical marijuana would bring stable employment opportunities and millions in tax dollars for state and local government entities, thus aiding in economic stabilization.