Cannabis Legalization: Fiscal Policy and Administrative Issues

The Civic Federation is a non-partisan government research organization working to maximize the quality and cost-effectiveness of government services in the Chicago region and State of Illinois.The Federation's membership includes business and professional leaders from a wide range of Chicago-area companies and institutions.

The Civic Federation

Federal Reserve Bank of Chicago

THE CIVIC FEDERATION AND THE FEDERAL RESERVE BANK OF CHICAGO present<h2>Cannabis Legalization: Fiscal Policy and Administrative Issues</h2>
Friday, April 25, 20120
8:00 a.m. to 1:30 p.m.
Federal Reserve Bank of Chicago
230 South LaSalle Street, 3rd Floor
Chicago, Illinois<h2>March 26, 2020 Update</h2>Thank you for your interest in the policy forum cohosted by the Civic Federation and the Federal Reserve Bank of Chicago, Cannabis Legalization: Fiscal Policy and Administrative Issues.
In order to ensure the health of our respective staff members, communities and guests, and following guidance from national and local public health officials, this event has been postponed due to the COVID-19 pandemic.
Refunds will be issued to paid registrants in the coming days.
The Civic Federation and Federal Reserve Bank are working together to determine a new event date later in the year. Those who are registered for the now-postponed April 24 event will be given priority registration for the new date.
We greatly appreciate your patience and understanding as we work through these changes, and we look forward to our eventual discussion on cannabis policy.
-----AGENDA7:30 a.m. to 8:00 a.m. — Registration and Continental BreakfastBadge Pickup and Security Inspection in the Lobby8:00 a.m. — WelcomeLeslie McGranahan, Vice President and Director of Regional Research, Federal Reserve Bank of Chicago8:10 a.m. — A Principled Approach to Taxing MarijuanaProfessor Jonathan P. Caulkins, Carnegie Mellon University8:30 a.m. — Q&amp;A8:45 a.m. — Break9:00 a.m. to 10:30 a.m. — Revenue Madness: How Do States Forecast, Implement and Spend Cannabis TaxesThe potential of recreational cannabis to generate significant governmental revenue has been part of the debate over legalization across the United States. However, no state taxes cannabis exactly the same way as any other and there are also differences in how the proceeds are supposed to be spent. How have states made and revised revenue projections given the lack of initial data on the size of supply and demand? How have taxation regimes and distribution of tax revenue changed since Colorado became the first state to start retail recreational cannabis sales in 2014? What has worked and what hasn’t? Moderator: TBA Panelists: <ul><li>Len Becker, Economic Development Manager, Village of Skokie</li><li>Mary Murphy, Project Director, Fiscal and Economic Policy, State Fiscal Health, The Pew Charitable Trusts</li><li>The Honorable Heather Steans, Illinois State Senator</li></ul>10:30 a.m. Break10:45 a.m. to 12:10 p.m. — Panel II: The Administration of Recreational CannabisWhile the potential revenues that would come from cannabis legalization are top of mind to voters and legislators, the costs to a state associated with administration, compliance and potential social impacts are generally less discussed and may extend to neighboring states that do not legalize. Additionally, the lack of access to banking for cannabis businesses means they must operate on a cash basis, which has many negative consequences including making cannabis businesses a target of crime and that can extend to the myriad of associated industries such as transportation and real estate firms that work with cannabis businesses. How do states calculate and pay for these associated costs? Are they offset by a shrinking of the black market and law enforcement costs of prohibition? Moderator: TBA Panelists: <ul><li>Wendy Berger, Director, Green Thumb Industries</li><li>Andrew Brisbo, Executive Director, Michigan Marijuana Regulatory Agency</li><li>Rick Garza, Agency Director, Washington State Cannabis and Liquor Control Board</li></ul>12:15 p.m. — Luncheon &amp; Keynote: The Social and Equity Goals of Illinois’ Recreational Cannabis LawThe Honorable Toi Hutchinson, Special Advisor on Cannabis Control to Governor JB Pritzker1:30 p.m. — AdjournmentLaurence Msall, President, Civic Federation

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