March 26, 2020 Update
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.
The Civic Federation is pleased to partner with the Federal Reserve Bank of Chicago to co-host "Cannabis Legalization: Fiscal Policy and Administrative Issues" on Friday, April 24, 2020.
AGENDA
7:30 a.m. to 8:00 a.m. — Registration and Continental Breakfast
Badge Pickup and Security Inspection in the Lobby
8:00 a.m. — Welcome
Leslie McGranahan, Vice President and Director of Regional Research, Federal Reserve Bank of Chicago
8:10 a.m. — A Principled Approach to Taxing Marijuana
Professor Jonathan P. Caulkins, Carnegie Mellon University
8:30 a.m. — Q&A
8:45 a.m. — Break
9:00 a.m. to 10:30 a.m. — Revenue Madness: How Do States Forecast, Implement and Spend Cannabis Taxes
The 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:
- Len Becker, Economic Development Manager, Village of Skokie
- Mary Murphy, Project Director, Fiscal and Economic Policy, State Fiscal Health, The Pew Charitable Trusts
- The Honorable Heather Steans, Illinois State Senator
10:30 a.m. Break
10:45 a.m. to 12:10 p.m. — Panel II: The Administration of Recreational Cannabis
While 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:
- Wendy Berger, Director, Green Thumb Industries
- Andrew Brisbo, Executive Director, Michigan Marijuana Regulatory Agency
- Rick Garza, Agency Director, Washington State Cannabis and Liquor Control Board
12:15 p.m. — Luncheon & Keynote: The Social and Equity Goals of Illinois’ Recreational Cannabis Law
The Honorable Toi Hutchinson, Special Advisor on Cannabis Control to Governor JB Pritzker
1:30 p.m. — Adjournment
Laurence Msall, President, Civic Federation
To register for this event, please click here.
To access a full copy of the agenda, please click here.