After seeing the success of recreational marijuana in states like Colorado and Washington, it's easy to see why other states would want a part of such a taxable industry. Kentucky Senator, Perry B. Clark, pre-filed legislation that would legalize marijuana recreationally in the state similar to alcohol. State representatives have denied medical marijuana legislation on multiple occassions, but some think with the ever-changing cannabis industry around the US that legislation will become easier to pass.
How much money could Kentucky expect from marijuana legalization taxes? According to Bloomberg, Colorado collected $66 million in tax dollars the first year marijuana was legalized.
Naturally, like Colorado, Kentucky plans to use a lot of this potential marijuana legalization revenue to promote education. According to LEX 18, Senator Clark recently stated that the Cannabis Freedom Act would generate funds “to increase SEEK funding for Kentucky’s public schools” as well as scholarships for Kentucky students.