Nationwide marijuana legalization could produce up to $28 billion in yearly tax revenue a new study found.

It’s been a pretty promising start for the marijuana industry across the United States. We’re almost halfway through 2016, and marijuana tax collections in Colorado and Washington have exceeded initial estimates.

For instance, Colorado's cannabis industry brought in more than $270 million in the first quarter of 2016 alone.

New analysis from the Tax Foundation found nationwide legalization of marijuana could generate up to $28 billion in tax revenues for federal, state, and local governments.

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Tyler Koslow ~ MerryJane.com ~