University of Montana’s Bureau of Business and Economic Research released a study this month about the possible market value of legalizing and taxing recreational marijuana in Montana. Research in the study estimated that a 20% tax could bring in between $43.4 million and $52 million annually. “You’re not only looking at local monies being spent both legally […]
marijuana taxes
Recreational Marijuana Sales Hit New Record High In Illinois, And Number Is Expected To Keep Rising
Recreational marijuana sales just set a new record high – nearly $64 million worth of cannabis was sold last month. And as CBS 2’s Meredith Barack reported Tuesday evening, those numbers are expected to keep growing. At the Sunnyside dispensary at 436 N. Clark St. in River North, a lot of green has been changing hands […]
Study: Legal marijuana in Connecticut would raise between $784M and $952M in state taxes in first five years
A new study by a UConn economist says legalizing recreational marijuana in Connecticut would generate between $784 million and $952 million in new state tax revenue over five years. The study, funded by a national group that lobbies for marijuana legalization, says direct new revenue from legalization would range from $35 million to $48 million […]
IRS Sweetens The Pot With New Marijuana Industry Web Page
Not sure that things are changing in the tax and legal worlds? Here’s proof that it is: The Internal Revenue Service (IRS) has released a new marijuana business webpage to help business owners understand and meet their tax responsibilities. That’s right. Marijuana. Webpage. At IRS.gov. You can find it here. The IRS says that it “understands […]
Here’s where marijuana tax revenue has gone in Massachusetts
As fiscal 2020 drew to a close in June, Massachusetts marked a milestone: $122 million in tax revenue had been collected in the first two fiscal years of recreational cannabis sales. Where has that money gone? According to a Business Journal analysis of state data, the money has supported a variety of state and local […]
Illinois Dedicates Marijuana Tax Dollars To Underserved Areas
Illinois will distribute $31.5 million in grants over the next year to local nonprofits, faith- or community-based organizations and governmental bodies to address issues in historically underserved parts of the state. The money for these grants comes from 25% of the tax revenue the state collects from recreational marijuana sales. It’s part of Illinois’ Restore, […]
Ohio medical marijuana sales are climbing slowly month over month
With patient rolls slowly ticking up and state regulators revamping calculations for the 90-day supply purchase limits in April, average weekly sales of medical marijuana in Ohio are trending up. The Ohio marijuana industry is still operating short of its potential, though. While 51 of 57 provisionally licensed dispensaries have opened, just 20 of 33 […]
Higher than expected: Illinois’ $52.8M take from marijuana sales exceeds what state projected
Illinois collected almost $52.8 million in tax revenue during the first six months of recreational marijuana sales, marking a bright spot among the state’s pandemic-scarred finances. Recreational marijuana sales have continued to rise throughout the pandemic, while many other retailers saw sales drop off. Dispensaries set a monthly record in June, when they sold $47.6 million worth of […]
Cities in Illinois Can Now Collect More Taxes On Marijuana Purchases
Municipalities in Illinois that have cannabis dispensaries will start seeing more money from recreational marijuana purchases. Cities, counties and villages that passed an individual 3% cannabis tax could start collecting it as of July 1. In the Metro East, that means more revenue for St. Clair County, Collinsville and Sauget, areas that passed a tax […]
Your NJ medical marijuana is about to get cheaper: Here’s why
The New Jersey sales tax on medical marijuana will be cut to 4% on July 1, down from 6.625%, the first step in a three-year plan to phase out state taxes on medicinal cannabis purchases. On July 1, 2021, the state sales tax will be reduced even more — to 2%. In 2022, it will […]
