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, […]
marijuana taxes
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 […]
Feds Unlikely To Pursue Michigan Medical Marijuana, But Treasury Will
There is good news and bad news for the fledgling marijuana industry in Michigan. The good news first: The federal budget passed by Congress and signed by President Donald Trump on Friday includes language that continues the policy that the federal government shouldn’t use resources to enforce federal drug laws in states that have legalized medical […]
California Considers Cutting Marijuana Taxes To Draw Legal Customers
SACRAMENTO, Calif. — Less than three months after California launched legal marijuana sales for adults, the state could consider temporarily slashing hefty tax rates that some say are driving buyers into the black market. Growers and sellers in the nation’s largest legal marketplace have been complaining that taxes that in some cases can near 50 percent are […]
This Rural County In California Legalized Marijuana Farms Then Banned Them After Taking Their Tax Money
Dennis Mills peered over his shoulder at the green hills below, where marijuana farms dotted the Calaveras County landscape. “There’s another one!” he told the pilot with a laugh. The Cessna doubled back so Mills, a county supervisor, could steal a second look at a slope where trees had recently been removed. From above, Mills […]
Nevada Does $30 million In Taxes After First Six Months Of Marijuana Sales
The Silver State’s marijuana industry is still in its infancy, but the cannabis market has raked in more than $30 million in tax revenue for the state so far. Retailers in Nevada have sold more than $195 million in cannabis during the first six months of its adult-use market. Unlike other states (including California, Maine and Massachusetts) […]
GOP Senator Pushes For Tax Cuts For Marijuana Businesses
A Republican senator from a state where marijuana is legal is pushing this week to give cannabis businesses a measure of tax fairness. Sen. Cory Gardner of Colorado wants to attach an amendment to a wide-ranging Republican-led tax reform bill that would allow state-legal marijuana growers, processors and sellers to deduct normal businesses expenses from their taxes, just […]
Montana Gets Ready to Take in First Medical Marijuana Taxes
BILLINGS, Mont. (AP) — State revenue officials are working on the roll-out of the latest medical marijuana program with a tax on the drug — the first of its kind in the state — which could increase the agency’s capacity for handling cash. Legislators passed SB333 this spring, adding a number of regulations to the […]
