Municipalities in Illinois that have cannabis dispensaries will start seeing more money from recreational marijuana purchases. Cities, counties and villages that passed an individual 3% cannabis tax could start collecting it as of July 1. In the Metro East, that means more revenue for St. Clair County, Collinsville and Sauget, areas that passed a tax […]
marijuana taxes
Your NJ medical marijuana is about to get cheaper: Here’s why
The New Jersey sales tax on medical marijuana will be cut to 4% on July 1, down from 6.625%, the first step in a three-year plan to phase out state taxes on medicinal cannabis purchases. On July 1, 2021, the state sales tax will be reduced even more — to 2%. In 2022, it will […]
Black Cannabis Entrepreneurs: Cut Marijuana Taxes, Defund The Police
Black cannabis entrepreneurs are calling for a repeal of marijuana taxes that dedicate funding to police and law enforcement. Along with massive demonstrations in almost every American city—and many small towns—the killing of George Floyd, an unarmed Black man suspected of a nonviolent crime, by Minneapolis police on May 25 has triggered calls to re-evaluate […]
With no recreational marijuana sales during coronavirus pandemic and thousands more medical patients, state and municipalities to see impact on tax revenue in Massachusetts
With recreational marijuana stores closed amid the COVID-19 pandemic, the number of medical marijuana patients has increased by the thousands in Massachusetts. Between the halt of adult-use sales since March 24 and additional medical marijuana patients who may not return to the recreational market, the state is poised to see an impact on tax collections. Meanwhile, municipalities that are […]
Recreational marijuana could add $100 million for Oklahoma’s virus-shattered budget, lawmaker says of new proposal
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 — […]
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 […]
