Argus Leader: “How Legalizing Marijuana Could Impact South Dakota’s Economy”
The state’s largest newspaper published an article describing how legalizing marijuana would expand South Dakota’s economy. The article describes findings from a recent report from the South Dakota Legislative Research Council:
"Gross marijuana sales would reach $49.3 million in the first year, according to the council's estimation. Similar to the Federal Reserve Bank's findings for Colorado, South Dakota sales would almost triple during the first three years of legalization, reaching $145.6 million in fiscal year 2024.”
The article also noted that the legalization initiative would ensure that South Dakota residents are the primary beneficiaries of a the legal marijuana economy:
“The constitutional amendment being proposed to South Dakota voters would keep all aspects of the cannabis industry in-state, which means local businesses would be the only ones able to leverage the potential revenue from adult users, said Drey Samuelson, hired recently to serve as the policy director for both ballot measures. “The initiative mandates that all of the product is going to be made in South Dakota,” Samuelson said. “That will include manufacturing and packaging.”
Through a 15% tax on marijuana sales, the store provides revenue estimates that would fund important programs in the state:
“Money flowing to the government would total $9.5 million in the first year, including fees and taxes, according to the Legislative Research Council. That would climb to $18.3 million a year later and then to $28 million in fiscal year 2024.”