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In 2020, state and local governments earned over $3 billion in tax revenue from cannabis taxes. [107] Although some cannabis proponents caution that overtaxation and overregulation of cannabis can result in political corruption, bribery, and an even bigger black market than before legalization. [108] [109]
Colorado legalized pot in 2012, and in 2021 the state raked in more than $400 million in tax revenue — with that money going to public schools, health care, and substance abuse prevention and ...
Between July 2021 and June 2022, 11 states collected up to $774 million in state cannabis taxes, ... "The revenue potential from cannabis taxes is significant. A simple, low-rate, and low-cost tax ...
These sales and excise tax figures do not include the corporate and personal income taxes generated by businesses and employees working in the state's marijuana industry. [61] The state Department of Revenue reported that official sales of recreational and medical marijuana from dispensaries reached over $996 million in 2015; a $297 million ...
In Colorado, cannabis has been legal for medical use since 2000 and for recreational use since late 2012. On November 7, 2000, 54% of Colorado voters approved Amendment 20, which amended the State Constitution to allow the use of marijuana in the state for approved patients with written medical consent. Under this law, patients may possess up ...
In addition, the state reported the cannabis industry has raised about $75 million in excise tax revenue as of January. Steady traffic has been at the heart of the industry's growth, store owners ...
Retail sales have a 10.75% excise tax on the marijuana, on top of the general 6.25% state sales tax, and up to a 3% local option tax, for a total of 17%–20% tax. [22] Treasurer Deborah Goldberg unilaterally increased the excise tax to 10.75% from the 3.75% approved by voters in the language of ballot question. [23]
Michigan’s marijuana tax revenues are a bigger deal to the state's budget than in most marijuana-legal states. Michigan’s marijuana taxes account for about 0.75% of the state budget. Five ...