Jason Pohl

jasonpohl@coloradoan.com

The nationwide legalization of marijuana would rake in more than $3 billion in state and local tax revenue every year, a new study has found.

While the study estimates Colorado will rake in $78 million in sales and excise taxes by June 2015, California comes out on top and would tally more than $519 million — roughly the equivalent of the state's entire parks and recreation budget, consumer group Nerd Wallet announced Monday.

Texas, Florida, Michigan and New York also stand to get the most revenue, while rural Midwestern states would earn the least.

The group notes that because marijuana is illegal in many states it was difficult to obtain concrete numbers about the amount of cannabis and related products that are consumed.

Researchers instead used data from the Substance Abuse and Mental Health Services Administration to uncover the number of marijuana users 25 years old and older, broken down by state. It then merged the figures with the marijuana market size estimates and broke the information down by state, later taking into consideration the tax structures based on those used in state's such as Colorado.

The study did not take into reduced spending on law enforcement by not having to enforce certain laws, medical marijuana sales and fluctuations or potential long-term market shifts.

The study highlights the mounting pressures and increasing calls for cannabis policy reform in states around the country, particularly in Oregon and Florida where voters will decide several pot measures in November.

Reporter Jason Pohl covers breaking news and marijuana issues for the Coloradoan. Follow him on Twitter: @pohl_jason.