marijuana taxes Archives - Cannabis Business Executive - Cannabis and Marijuana industry news

Proposition 119: Voters to decide whether to raise marijuana taxes to pay for out-of-school learning

Colorado voters will decide next month whether to raise taxes on recreational marijuana to help fund a new state program aimed at providing Colorado students with out-of-school learning opportunities. The program, called Learning Enrichment and Academic Progress, or LEAP, would…

Missouri

Missouri Medical Marijuana Companies Win Tax Relief From State Lawmakers

Missourians voted to legalize medical marijuana in 2018. But under federal law, growing, transporting or selling marijuana remains a crime. Unsurprisingly, that dynamic has created a lot of headaches for the fledgling industry. One notable example: Unlike every other legal…

Wyoming House committee advances marijuana legalization bill

Marijuana legalization in Wyoming passed its first hurdle in the Legislature on Friday, after a 6-3 vote in support of a bill in the House Judiciary Committee. House Bill 209, sponsored by committee chairman Rep. Jared Olsen, R-Cheyenne, will now…

Michigan distributes $10 million in tax revenue to communities with recreational marijuana businesses

The Michigan Department of Treasury is distributing nearly $10 million to more than 100 communities as a part of the Michigan Regulation and Taxation of Marijuana Act. More than $341 million in adult-use marijuana sales were reported for fiscal year…

U.S. Cannabis Sales Hit Record $17.5 Billion As Americans Consume More Marijuana Than Ever Before

The coronavirus was good for some industries and ruinous for others. For cannabis, 2020 was a breakout year. Legal sales across the U.S.—15 states allow adult use, 35 allow for medical sales—hit a record of $17.5 billion, a 46% increase from 2019, according to a new…

North Dakota House passes joint bills to legalize and tax marijuana

North Dakota's House of Representatives has given the green light to recreational marijuana. The Republican-controlled House on Tuesday passed House Bill 1420 to legalize and restrict recreational marijuana on a 56-38 vote. Representatives also passed House Bill 1501 to implement a related tax policy…

Florida’s marijuana industry nearly doubled jobs, approached $1.23 billion in sales in 2020

February 22, 2021
AggregatedNews
Florida
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The medical marijuana market in Florida created nearly 15,000 new jobs in 2020 and employs an estimated 31,444 state residents, according to a new analysis. Florida recorded nearly $1.23 billion in marijuana sales in 2020, according to the report posted by…

Mississippi Senate Revives Medical Marijuana Tax Proposal

The Mississippi Senate did an about-face on a proposal to set a 7% sales tax on medical marijuana, first killing a bill and then reviving it hours later in an unusual session after midnight. The first vote happened Thursday night,…

Wisconsin Gov. Tony Evers will propose legalizing recreational and medical marijuana as part of the next state budget

February 7, 2021
Press Release
Wisconsin
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Gov. Tony Evers will propose legalizing recreational marijuana as part of the state budget he introduces this month — a plan that could generate $166 million in revenue that would be used to help fund rural schools and programs for marginalized…

Lawmakers push to legalize marijuana for personal use in Hawaii

February 5, 2021
AggregatedNews
Hawaii
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Outside medical cannabis use, more than a half dozen marijuana-related bills, including a measure to legalize its recreational use, have been introduced this legislative session. Not one had secured a hearing before an assigned committee as of press-time Thursday. Feb.…

Legalize marijuana in Delaware? Doing so could bring plenty of green, state report finds

January 26, 2021
AggregatedNews
Delaware
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Delaware could bring in $43 million a year in revenue if it legalizes and taxes marijuana, according to a report Monday from the state auditor. The report estimated 13% of adults in the state would consume marijuana based on data from the Substance Abuse…

Illinois sitting on $62 million in cannabis revenue meant to foster businesses and help neighborhoods hurt by poverty and violence

January 16, 2021
AggregatedNews
Illinois
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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…

Cuomo vows New York ‘will legalize adult-use recreational cannabis’

January 13, 2021
AggregatedNews
New York
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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…

November marijuana sales push Colorado’s industry to $2 billion annually for the first time

January 13, 2021
AggregatedNews
Colorado
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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…

Illinois’ weed windfall from taxes rivals booze haul — and could surpass it next year

December 15, 2020
AggregatedNews
Illinois
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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…

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