Cannabis would be legal and regulated in Victoria by 2024 under a Greens proposal, being announced ahead of November’s state election, that the party says could help raise $1.21bn in revenue over ten years.
Under the plan, cost by the independent Parliamentary Budget Office, it will be legal for Victorians over 18 to buy cannabis, which would be taxed at a rate of 30% of sales – broadly in line with levies on alcohol.
Penalties for selling cannabis to people under 18 would also be introduced, set at double the fine for selling alcohol to underage drinkers.
The plan, to be unveiled by the Greens’ Brunswick MP, Tim Read, on Monday, also involves decriminalizing small quantities of other drugs, which could save the state an additional $250m due to savings in the justice system. Read said regulating the sale and consumption of cannabis would undercut the black market and reduce harm.
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