Los Angeles Might Use Medical Marijuana Tax Revenue To Reduce Homelessness
In search of yet another reason to deem marijuana legalization a positive decision? What if tax revenue generated from medical marijuana sales enabled major cities to solve the ongoing issue with homelessness?
According to LAist, the city is weighing several options geared toward reducing homelessness in Los Angeles. One of them entails putting a 15 percent tax on all medical marijuana sales.
That 15 percent tax would then help fund a series of supportive housing developments for the homeless, which costs an estimated $2 billion to develop.
Doesn't sound like too bad of an idea, does it?
Along with a plan to repurpose marijuana tax funds, the city's fundraising ideas also include the use of real estate sales tax and informative billboards to raise awareness.
As of now, California's medical marijuana sales are projected to generate close to $16.7 million in taxes on a yearly basis. Not to mention, that's without legalizing recreational marijuana sales.
In other words, there is plenty of tax revenue to be generated that could help serve as a temporary solution to some of the country's most deep-rooted issues.
We'll just have to wait and see what happens!
Interested in checking out the city's other ideas to combat homelessness? Learn more here.
Subscribe to Elite Daily's official newsletter, The Edge, for more stories you don't want to miss.