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Based on the new tax law passed in December 2017, this report examines three aspects of what full legalization would look like in contrast to the current, state-by-state patchwork of legalized environments, and the anticipated impacts which full nationwide legalization would hold for the U.S. Treasury. These three aspects include federal business taxes on cannabis businesses, federal payroll withholdings, and revenue generated from a federal cannabis sales tax of 15%. The report compares revenues that would be generated under the current state of legalization (forecast over 2017–2025) and a theoretical model of national legalization over the same period, assessing the impact on U.S. Treasury revenue and job creation in the industry.