Cannabis legalization can yield NIS 2.3b tax bonanza, report says
The market for weed in Israel has estimated turnover of NIS 6 billion ($1.8b) a year – on which taxes aren't paid
The Times of Israel (Israel)
Wednesday, January 24, 2018
Wednesday, January 24, 2018
The legalization of the cannabis industry can lead to a boon of NIS 2.3 billion ($675 million) in tax revenues a year for Israel, according to a new study by the Jerusalem Institute for Market Studies, a nonprofit economic policy think tank. The study recommends the full legalization of the industry because of the “big economic advantages” that would stem from such a move, which is also not expected to lead to negative social consequences like increased crime and road accidents. In addition, the government can save some NIS 191 million a year by cutting back on police enforcement and court costs, if use of the drug is legalized. (See also: Israeli marijuana is growing, but exports have nowhere to go)
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