Dr. Lanre Falusi’s Testimony begins at 4:24:30
SOURCE: By: Martin Austermuhle
September 13, 2013
A D.C. official is estimating that legal marijuana sales in D.C. would create a market worth $130 million a year.
In testimony delivered on Thursday to a D.C. Council committee considering a bill that would legalize and tax the sale of marijuana, Dr. Yesim Sayin Taylor of the Office of the D.C. Chief Financial Officer said that the number is based on the assumption that 122,000 people would purchase up to three ounces of marijuana every year at $350 an ounce.
Taylor said that she could not estimate how much of that D.C. would take in as revenue, since it remains unclear what — if any — excise tax the city would impose on marijuana producers, how many people might be steered away from legal sales by a proposed 15 percent sales tax, and how many people would remain in the medical marijuana program, where the sales tax is lower.
The tax-and-regulate system would also impose significant regulatory costs, she said, and could require two city agencies charged with regulating the production and sale to hire up to a dozen new employees.