The Secretary of State's office has just received the fiscal impact statement—which will appear in the fall voters' guide—on pot-legalizing Initiative 502. While the official verdict of the financial impacts are indeterminate "due to the significant uncertainties related to federal enforcement of federal criminal laws," the state's Office of Financial Management takes a stab at it.
The result of legalizing, regulating, and taxing the marijuana industry?
"Assuming a fully functioning marijuana market and the assumptions following in this summary, estimated total revenue generated to the state could be as high as $1,943,936,000 over five fiscal years," the statement says. That sort of money would help shore up a state budget plagued for years with shortfalls, resulting in cuts to health care and education. There are other costs and revenues, including those from enforcing rules for driving under the influence of pot, expanding the liquor board's scope, and administering the revenues into the correct departments. The statement doesn't account for savings to law enforcement from stopping approximately 10,000 pot arrests annually.
The statement has lots, lots, lots more detail. I've made a .pdf and saved it HERE.