Medical marijuana produced more than $10 million in tax revenue for Maryland in FY 2019 – exceeding the amount of money the industry brought to state coffers during the previous two fiscal years combined, according to data provided by the Maryland Medical Cannabis Commission. The latest numbers cover the period that ended on June 30, 2019. […]
marijuana taxes
The stronger the joint, the higher the tax? Report weighs California marijuana tax change
Should that marijuana joint cost more because it is higher in THC content? That’s the argument put forth in a new report by the California Legislative Analyst’s Office. Currently, the state taxes cannabis at two points in the production cycle; cannabis is taxed by weight after it is harvested, and then taxed again as an […]
Recreational Weed Would Pump $190 Million Into Florida’s Economy, Report Says
If approved in 2020, recreational marijuana could inject a whopping $190 million in sales tax and tourism dollars into Florida each year. That’s according to a recent financial analysis of an ongoing ballot initiative, which a state commission reviewed earlier this month. The analysts say the overall economic effect would be “slightly positive” — more or less […]
Missouri may not let legal marijuana companies pay taxes in cash. That could be a problem.
Late Monday, the Missouri Department of Health and Senior Services issued a proposed rule governing the way licensed medical marijuana facilities should pay taxes and other money owed to state government. The rule says that state-licensed companies that handle cannabis — for example, dispensaries or growing outfits — will be required to pay their Missouri taxes and […]
Slow rollout in marijuana sales costs Maine revenue and jobs
From legalization to legal sales, Maine is inching toward the slowest adult-use marijuana rollout in the U.S., with economists saying the three-year wait for stores to open will have cost Maine more than $82 million in taxes and 6,100 industry jobs. The delay has caused some investors and industry experts to take their dollars and […]
$350,000 in cash? California marijuana taxes still make growers – and tax collectors – nervous
On tax days, it’s not hard to spot marijuana growers waiting to exhale in downtown Eureka. They haul cash in grocery bags and boxes, making their way to a state office where they can pay their taxes. One grower “holds his breath as he walks into the building,” said Terra Carver, executive director of the […]
Colorado marijuana sales crack $6 billion since 2014 legalization, state says
Colorado marijuana businesses have sold more than $6 billion worth of weed and related products since a voter-approved measure allowing adults over the age of 21 to consume recreational pot took effect in the state on Jan. 1, 2014. The milestone figure was highlighted Tuesday in a news release from the Colorado Department of Revenue’s Marijuana Enforcement Division, […]
California’s retail marijuana industry is struggling. Will tax breaks and banks help?
Unfriendly banks, high taxes and black-market competitors are some of the obstacles that licensed cannabis companies say hold them back as they try to cultivate a new industry in California. Some California lawmakers want to give them a hand, and they’re considering a set of bills that would in ways great and small fine tune […]
California collecting far less than expected in marijuana taxes
Deep in Gov. Gavin Newsom’s new budget is a figure that says a lot about California’s shaky legal marijuana market: The state is expecting a lot less cash from cannabis taxes. The Democrat’s proposed spending plan, released Thursday, projects the state will bank $355 million in marijuana excise taxes by the end of June. That’s […]
What is Massachusetts planning to do with all that marijuana tax revenue?
In a recent interview, Boston Mayor Marty Walsh said he hoped the the tax revenue from marijuana in Massachusetts would be worth the “human toll.” Walsh, who opposed the 2016 state ballot measure to legalize the drug for recreational use, later explained that he hoped the money would be devoted toward initiatives that promote public health and safe […]
Colorado cracks a billion in annual marijuana sales in record time, generating $200M in tax revenue
Marijuana sales in Colorado exceeded $1 billion as of August of this year, with tax revenue from those sales coming in at $200 million, according to a report from the Colorado Department of Revenue and its Marijuana Enforcement Division. It’s the earliest point in any of the four years Colorado has had legal recreational marijuana that […]
State estimates legalized marijuana could bring in $287.9M in new tax revenue
Legalizing recreational marijuana in Michigan could draw in far more tax revenue than what proponents have been advertising, according to a new analysis from the nonpartisan Senate Fiscal Agency. Should Michigan voters agree to legalize recreational marijuana — on the Nov. 6 ballot as Proposal 1 — the state could bring in up to $287.9 million in […]
Estimated tax haul from marijuana sales would grow to $134 million per year in Michigan
By the time Michigan’s recreational marijuana market is fully fleshed out, $134.5 million in tax revenues will be flowing into the state’s coffers annually. But there’s a big caveat: Michigan voters will first have to pass a ballot proposal on Nov. 6 to legalize marijuana for adult recreational use. The figures for state tax revenues — […]
Slow rollout on retail marijuana is shrinking Massachusetts’ estimated taxes, advocates say
Saying Massachusetts has missed out on $16 million in marijuana taxes, officials behind the 2016 legal marijuana ballot question on Monday pointed to staffing levels and bureaucracy at the Cannabis Control Commission as potential reasons for the slow rollout of retail sales in Massachusetts. “The Cannabis Control Commission needs to pick up the pace,” Will […]
Michigan’s Recreational Marijuana Tax Would Be Lowest In The Nation If Legalized
Michigan could have some of the lowest tax rates on recreational marijuana in the nation if Michigan residents choose to legalize it at the polls in November. To date nine states have legalized marijuana use, each with their own approach to taxing the substance. The Michigan proposal would make recreational marijuana legal for those 21 and over, with […]
Nevada Has Reached Nearly $50 Million In Cannabis Tax Revenue Since Sales Began
Nevada is skating past its first-year goals for recreational marijuana revenue. The state has collected $48.97 million in total marijuana tax revenues since sales began. Adult-use cannabis sales topped $41 million in March, the most successful month since legal sales began in July last year, according to a report Wednesday from the Nevada Department of Taxation. Recreational […]
How High Are Recreational Marijuana Taxes in Your State?
As public opinion increasingly favors the legalization of recreational marijuana, a growing number of states must determine how to tax legal sales of cannabis. To date, nine states (Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon, Vermont, and Washington) and the District of Columbia have legalized recreational marijuana, but only eight of these jurisdictions have legal markets. […]
An Increase In Marijuana Taxes Will Go Towards Denver’s Affordable Housing Fund
Denver marijuana buyers would help pay for an expansion of the city’s 10-year, $150 million affordable housing fund under a plan that includes borrowing to amp up apartment production. If approved, the proposal would boost the city’s shorter-term plan — to subsidize the building or preservation of 3,000 income-restricted apartments and other housing units in […]
