According to the Connecticut Office of Fiscal Analysis, marijuana tax revenues are expected to bring in more than $ 70 million by 2025.

The projection for fiscal year 2022 revenues are only $ 4.1 million, as the state has only recently legalized marijuana and the number of retailers remains low.

However, the numbers are expected to rise significantly, with $ 26.3 million expected for the government in fiscal 2023. This is the first full fiscal year that marijuana sales will be legal in the state.

By 2024, tax revenue will reach $ 44.6 million and 2025 will see $ 71.2 million in tax revenue, according to projections.

The highest projection is for 2026, when $ 73.4 million in tax revenue will be collected, of which $ 55.2 million is for the state and $ 18 million for cities and towns.

From 2024, 15% of revenues will go to the general state fund, 60% will go to social equity and innovation, and 25% will go to prevention and recovery services.

The projections come as Connecticut legalized recreational marijuana for adults in June.

“People have been working on this for 10 years. It’s been a long time. I think we have a good bill that puts public health first,” Connecticut Gov. Ned Lamont (D) said. said at the time.

Sales of marijuana in Arizona, which were legalized just a few months ago, are should hit $ 1 billion by the end of the year.

Senate Democrats in July revealed a bill legalize marijuana federally and strike out federal marijuana convictions involving non-violent crimes.