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Arizona Rec. Legalization Appears Likely on the 2016 Ballot

Ryan Allway

November 13th, 2015

Policy, Top Story

Arizona marijuana advocates need over 150,000 signatures supporting their initiative to legalize recreational marijuana by July 7th to secure a spot on the 2016 ballot. After beginning their efforts in April, following the state’s approval process, the Campaign to Regulate Marijuana Like Alcohol in Arizona has already received about two-thirds of those signatures and appears poised to collect all of the necessary signatures in time.

“We are well ahead of schedule to submit the 150,642 valid signatures required to the Secretary of State’s office by July 7th,” said Campaign Manager Adam Kinsey in a press release.

The group believes that the state could raise upwards of $40 million in tax revenue each year by passing the measure. Under the proposal, cannabis would be regulated in much the same way as Colorado and Washington State in that it would be taxed like alcohol. The revenue generated for the state would go toward public health and education programs. In addition, the rules would cap the amount of marijuana that a person could use or possess.

Arizona legalized medical marijuana back in 2010 and the industry has grown to reach $142.19 million in size last year. According to AZMarijuana.com, the state has a record 80 medical dispensaries open with many more expected to open throughout the year. NerdWallet estimates that recreational sales could surpass $303 million, which would generate more than $70 million in tax revenue from sales and excise taxes on the drug.

The market could prove to be much larger over time, with Colorado’s industry surpassing $700 million in size, despite NerdWallet’s modest $300 million estimate. In the end, these dynamics could both help reduce crime by eliminating a key source of revenue for gangs and raise significant funding for public health and education programs.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

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