Study: Legalizing marijuana would add $113 million in tax revenue

Arizona could see as much as $113 million in new tax revenue if it legalized marijuana for recreational use and imposed a 15 percent levy on the drug, a new study found.

The study by the non-partisan Tax Foundation comes as cannabis supporters in Arizona prepare to turn in hundreds of thousands of signatures to try to put their legalization effort before voters in November.

The Campaign to Regulate Marijuana Like Alcohol wants to ask voters to legalize the drug for recreational use. If approved, the measure would establish licensed shops where sales of the drugs would be taxed at 15 percent. The proceeds would fund education, including full-day kindergarten, and public health.

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