A new government estimate of the financial impacts of cannabis legalization in Australia suggests that the reform could bring the country nearly $700 million in revenue each year.
The projection comes as part of a Parliamentary Budget Office (PBO) assessment—or "costing"—of a renewed legalization effort announced Thursday by the country's Greens Party. Annual revenue from that program would likely hit the projected $700 million after three years of implementation, the party said.
The $700 million in annual revenue would come from a mix of sales tax, corporate taxes and a 15-percent special tax on cannabis.
"This is just part of the shift of wealth from bikie gangs and organized crime towards the public and legitimate businesses when we legalise recreational cannabis," the party said in a news release. "It's also fresh money that can be invested in schools, hospitals and climate action."
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