Despite promises that cannabis legalization in Illinois would fund more minority business participation and neighborhood improvements, the state has yet to spend $62 million collected for those purposes. Part of the delay in awarding the money is due to problems with the state’s system to award new cannabis business licenses. The other reason for the […]
marijuana taxes
Cuomo vows New York ‘will legalize adult-use recreational cannabis’
New York Gov. Andrew Cuomo (D) vowed on Monday that his state will legalize recreational cannabis as he begins ramping up efforts in the new year to green-light legislation to legalize it. “We will legalize adult-use recreational cannabis, joining 15 states that have already done so,” he tweeted on Monday. The move, Cuomo said, will “raise revenue and end […]
November marijuana sales push Colorado’s industry to $2 billion annually for the first time
Colorado marijuana sales in November pushed the industry’s annual revenue to $2 billion for the first time. In November, dispensaries sold $175.1 million worth of products, according to figures released by the Department of Revenue on Tuesday. Recreational sales accounted for about $140.5 million, while medical sales accounted for nearly $34.7 million, the agency reported. While […]
Illinois’ weed windfall from taxes rivals booze haul — and could surpass it next year
Amid skyrocketing demand for legal weed in Illinois, statewide tax receipts from recreational pot sales are now rivaling those from booze. November’s tax revenues from adult-use cannabis, which reflect the record $75.28 million in sales tallied in October, reached nearly $22.88 million, according to figures released by the Illinois Department of Revenue. That’s less than […]
Cash-strapped Illinois turning down $100M in pot taxes, industry says
With Illinois facing a nearly $4 billion budget deficit next year, lawmakers and cannabis industry insiders have claimed the state is missing out on more than $100 million in tax revenue by blocking certain pot shops from relocating. While the state’s economy has been upended by the coronavirus pandemic, cannabis sales have remained a bright […]
What States Will Make From Marijuana Legalization
Tuesday’s election was a landslide win for marijuana. Five states: Arizona, Mississippi, Montana, New Jersey and South Dakota voted in support of legalizing cannabis in some fashion. All the states, with the exception of Mississippi, approved recreational cannabis, while Mississippi has only approved marijuana use in a medical capacity. South Dakota made the most significant […]
Gov. Tom Wolf again pushes Pennsylvania marijuana legalization to help fix financial damage from coronavirus
Democratic Gov. Tom Wolf on Tuesday once again prodded the Republican-led Legislature to legalize recreational use of marijuana, in part to generate revenue to repair damage done to the state’s finances by the coronavirus pandemic. Republicans pushed back. A spokeswoman referred to an earlier statement from Senate Majority Leader Jake Corman of Centre County, which […]
First day of recreational pot sales in Maine yields $9,464 in sales taxes
The six marijuana shops that opened Friday across the state reported $94,643 in sales, according to the Office of Marijuana Policy. A half-dozen pot shops reported $94,643.38 in first-day sales on Friday under Maine’s new adult-use marijuana program, resulting in $9,464.34 in sales tax for the state. The preliminary data were reported Saturday afternoon by […]
Marijuana sales to become legal in Vermont
Vermont will join the ranks of states allowing the legal sale of marijuana and cannabis products under a bill allowed to pass into law by Gov. Phil Scott without his signature on Wednesday. Scott, in choosing to allow S. 54 to pass into law, asked the Legislature to make additional changes and improvements in January […]
University of Montana releases study showing potential of taxing recreational marijuana
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 […]