Medical Cannabis Company Sues New Mexico Over Cannabis Sales Tax
Fri / Jan 25th
Ultra Health, the largest cannabis producer in New Mexico, is suing the state to recover sales taxes that it claims are against New Mexico medical laws.
Taxes
With legalization, federal, state and local governments have seen how much revenue marijuana taxes can bring in. Taxation of cannabis businesses is highly lucrative and as the market continues to grow many tax laws are changing to adapt to this increase. Below are articles and insights regarding marijuana taxes.
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Tue / Jan 22nd PARTNER CONTENT
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California’s Cannabis Tax Income Far Lower Than Expected
Tue / Jan 15th
Some analysts speculate that a majority of cannabis purchases in California still occur in the illicit market.
Cannabis Trade Federation Hires Lobbyists to Push Legalization in 2019
Mon / Jan 14th
The cannabis industry lobbying organization is bringing more lobbyists onboard to pressure for passage of the STATES Act this session.
Colorado Has Earned Nearly $1 Billion In Cannabis Taxes
Tue / Jan 1st
Five years after the birth of Colorado’s legal cannabis marketplace, the first statewide legalization “experiment” is a proven success and the dire warnings from prohibitionists have still failed to come to fruition.
Sen. Gardener Aims for Cannabis Banking Reforms This Week
Mon / Dec 17th
Senator Cory Gardener (R-Colorado) is planning to propose a major overhaul to banking rules for state-legal cannabis companies this week,… Read More
California Cannabis Sales Back On Track With 3rd Quarter Growth
Wed / Nov 21st
According to state reporting, adult-use sales in California grew significantly in the third quarter, totaling $350 million, according to The… Read More
Except in California, Falling Cannabis Prices Mean Falling Tax Revenue
Mon / Nov 19th
Legal cannabis prices continue to fall and the states that base their taxes on price are seeing similar drops in tax… Read More
IRS Struggles With Cannabis Cash Payments, Hires Help
Thu / Nov 15th
The Internal Revenue Service (IRS) paid a consulting company $1.7 million for help processing the large cash tax payments coming… Read More
California Has New Cannabis-Friendly Officials, Taxes
Fri / Nov 9th
California’s midterm elections demonstrated voter support for a variety of cannabis issues and resulted in new taxes and a new… Read More
D.C. Eyes Taxed-and-Regulated Market Following Midterms
Thu / Nov 8th
The midterms are over and a switch to Democratic control of the U.S. House of Representatives could finally allow for… Read More
Phoenix City Council Kills Steep Tax Hike for MMJ Cultivators
Thu / Oct 4th
Phoenix interim Mayor Thelda Williams attempted to pass a new, high tax on cannabis businesses in a sly move last… Read More
Michigan to Expect $134M In Annual Taxes If Legalization Passes
Wed / Oct 3rd
The annual tax benefits of adult-use legalization in Michigan would be about $134 million per year, according to an economic… Read More
New Hampshire Predicts $58 Million In Tax Revenue From Legalization
Wed / Sep 26th
A New Hampshire Department of Revenue Administration report indicates that, with a 15% tax, the state could expect $58 million… Read More
Nevada Collects $69.8 Million in Taxes for First Year of Adult-Use Sales
Wed / Aug 29th
The numbers are in for Nevada’s first fiscal year of adult-use cannabis sales: marijuana tax collections totaled $69.8 million, according… Read More
California Cannabis Taxes Generate $74 Million in 2nd Quarter
Thu / Aug 16th
California’s cannabis tax numbers are in for the second quarter of 2018 and the numbers suggest the market is trending… Read More
Trump Tariffs Expected to Increase Cannabis Industry Prices
Mon / Aug 13th
The prices of cannabis retail items like vapes, batteries, filters, cartridges, and packaging may soon increase thanks to President Trump’s proposed… Read More
Pennsylvania Auditor Anticipates $1.66 Billion Adult-Use Cannabis Market
Fri / Jul 20th
Pennsylvania Auditor General Eugene DePasquale has released a special report that says Pennsylvania‘s legal cannabis market would comprise more than… Read More
California Lawmakers Kill Cannabis Bills as Session Winds Down; 7 Remain
Wed / May 30th
Editor’s update: A previous version of this article indicated incorrectly that the delivery-focused bill outlined below had already been rejected… Read More
New York City Comptroller: N.Y. Legal Cannabis $3.6B Market
Thu / May 17th
In an interview with CNBC, New York City Comptroller Scott Stringer estimated that New York state would see $435.7 million… Read More
California Raises $60.9M from Cannabis Taxes; Lower than Projected
Tue / May 15th
California has raised $60.9 million in cannabis sales through the first quarter of 2018, after recreational cannabis sales began on… Read More
Colorado Cannabis Sales in March Highest Yet in 2018
Thu / May 10th
According to Colorado state Department of Revenue data, cannabis sales in March reached $105,945,278 — up from $85,869,215 in February and… Read More
Berkeley, California Lowers Tax Rate on Cannabis Sales
Fri / Mar 30th
The city of Berkeley, California has dropped its sales tax on cannabis products from 10 percent to 5 percent in… Read More
Denver, Colorado Using Some Cannabis Revenues to Expand Road Paving
Thu / Mar 22nd
Denver, Colorado is using $1.2 million derived from cannabis tax revenues to pave city roads, according to a Denver7 report. The… Read More