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Marijuana has come a long way from its status as an illicit substance to now being recognized for its medical and recreational purposes in many states. Nine states have fully legalized it, and more...
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 ...
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]
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 ...
In 2019, the US gained a total of 1.7 billion dollars in tax revenue due to the legalization of marijuana. In 2021, that number more than doubled to 3.7 billion dollars. [14] The increase in tax revenue being a driving factor in the legalization of marijuana is similar to the effects of the repeal of prohibition.
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 ...
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 ...
The state of Alaska collected its first full month of cannabis tax proceeds in November 2016, raising $80,000 for the state. Cannabis buds are taxed at $50/oz and stems and leaves are taxed at $15/oz. [ 14 ] The state reported fiscal year 2017 marijuana tax revenue of $1,745,767 (cultivators only - not retail). [ 15 ]