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Is I-502 Marijuana Legalization? Is It Good For Washington?

Posted on  August 16, 2012 by  News Admin

  The Washington State Office of Financial Management has finally released its much anticipated report on the marijuana "legalization" initiative, I-502. (See link to the report at the end of this article) While it claims that the state could see a financial windfall in the billions from the taxation and regulation of cannabis, it also warns of some very serious consequences and the possibility of zero revenue. Steve Sarich, a well known Seattle area medical marijuana personality and anti-I-502 activist, sued the Office last month, stating the early numbers being used "are so far off it's incredulous." He and the other activists that joined the lawsuit demanding a new report that included all the risks, including possible results from federal lawsuits. That report came out on Friday, August 10. When I asked him about it, he responded with the following: "It will either bring in $0 or $2,000,000,000. Do you really need a degree to come up with numbers like this or just Vanna White spinning a big wheel with random numbers on it?" "The new report is more embarassing than the last," Sarich said. "The revenue assumptions are based on the state stores owning 100 percent of the market for marijuana in Washington. This would never happen regardless of any of the state regulations, pricing, or criminal penalties." "New York is losing millions of dollars in tax money on cigarettes because of the black market that's developed there because the state raised the tax on a pack of cigarettes...