An Oklahoma lawmaker confirmed he will begin work on a bill that would allow adult use of recreational cannabis, saying the idea is “worth exploring” especially in light of sustained economic downtown during the COVID-19 emergency. In making the announcement, Rep. Scott Fetgatter, R-Okmulgee, signaled his belief that petitions for state questions 807 and 811 — […]
marijuana taxes
Medical marijuana brought more than $10 million in tax revenue to Maryland in FY 2019
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. […]
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 […]
