This report evaluates the economic impacts of legalising and regulating cocaine for adult non-medical use in the UK from a Treasury perspective of income and spending. The report focuses on government tax and sales revenues under a proposed state retail monopoly. The report also explores potential savings across the criminal justice system (CJS) following the reform. 

It estimates a net annual benefit of around £3.2 billion for the treasury from the proposed cocaine regulation model (based on Transform's previous work). This total is comprised of £2.2billion in direct treasury revenues from tax and sales revenues, and an additional £1billion in criminal justice savings (although these do not accrue directly to the treasury).    

The report situates this economic analysis within the wider arguments for reform; why we need to begin a serious public debate on cocaine regulation - given the very obvious failings of the punitive enforcement approach - and why the economic arguments may help shift the dial on this question.