Illinois Nets $417M From 2023 Cannabis Tax Revenue
Tue / Jan 16th
Illinois earned $416 million in tax revenue last year from the state’s legal cannabis program after licensed retailers sold a record $1.6 billion worth of cannabis products.
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.
Tue / Jan 16th
Illinois earned $416 million in tax revenue last year from the state’s legal cannabis program after licensed retailers sold a record $1.6 billion worth of cannabis products.
Mon / Dec 18th
A think-tank focused on taxation in the US has released a report detailing how federal cannabis legalization could generate over $8 billion in annual tax revenue.
Tue / Dec 12th
Arkansas is using medical cannabis tax revenues to fight food insecurity in the state, with $87 million sent to schools throughout the state to help students access low-cost or free lunches.
Fri / Dec 1st
Ohio lawmakers are seeking to change the state’s voter-approved cannabis legalization bill with a proposal that would remove provisions to stop municipalities from banning cannabis operations and home cultivation, and change how cannabis taxes are earmarked in the state.
Thu / Nov 2nd
The Missouri Department of Health and Senior Services this week transferred $13 million in revenue from the state’s medical cannabis program to the Missouri Veterans Commission.
Tue / Oct 31st
Arkansas medical cannabis sales have totaled $211.3 million so far this year, with the state having collected $23.5 million in cannabis tax revenue, according to state data.
Wed / Oct 25th
Denver, Colorado has collected more than a half-billion dollars in cannabis tax revenue and industry fees since the city’s first dispensaries opened, topping $501.5 million for the city in August.
Mon / Oct 23rd
Adult-use cannabis dispensaries in Rhode Island set a new monthly sales record of $7.11 million in September, putting sales on track to meet the state’s annual cannabis revenue projections of $76 million for fiscal year 2023.
Fri / Oct 13th
The U.S. Census Bureau has released an interactive map outlining the quarterly revenue in cannabis taxes earned by states with cannabis legalization policies in place.
Thu / Oct 12th
A Missouri cannabis retailer is suing the state claiming that the practice of stacking sales taxes on adult-use cannabis products is unconstitutional.
Mon / Sep 18th
Alaska lawmakers are considering changing the state’s cannabis tax system from a per-ounce tax (cannabis is currently taxed at $50 per ounce) to a sales tax.
Fri / Aug 25th
While adult-use cannabis products are still technically unavailable in Minnesota, the state collected nearly $600,000 in tax revenues last month from THC-infused gummies and drinks (derived from hemp).
Tue / Aug 22nd
For the first time, the Montana Fish and Wildlife Commission is set to receive more than $1 million in cannabis tax revenues; typically, the commission is funded by contributions from residents that can generate between $30,000 and $40,000.
Mon / Aug 21st
Colorado’s cannabis tax revenues from the 2022-2023 fiscal year are outpacing the state’s tax revenues from cigarettes, other tobacco and nicotine products, and alcohol.
Thu / Aug 17th
A recent Ohio State University study found that adult-use cannabis sales in the state could generate between $275 million and $403 million in tax revenues by the fifth year of operations.
Mon / Jul 24th
Medford, Oregon-based American Patriot Brands owes the state $27 million in back taxes, more than any other company in the state.
Wed / Jul 5th
Montana state lawmakers have voted to override Gov. Greg Gianforte’s (R) veto of a bill to use cannabis taxes to fund the Wildlife Habitat Improvement Program and maintain county roads.
Mon / Jun 26th
A recent report by Whitney Economics found that just 24.4% of U.S. cannabis companies currently turn a profit, down 42% from the year prior.
Wed / Jun 14th
Lawsuits filed by the Montana Association of Counties and the Montana Wildlife Federation are challenging Gov. Greg Gianforte’s (R) recent veto of a bill that sought to use cannabis taxes as a supplement to road maintenance funds.
Tue / Jun 13th
Connecticut’s combined adult-use and medical cannabis sales totaled nearly $23 million in May, a new record since the state’s January launch of legal recreational sales.
Wed / May 31st
Illinois’ latest budget proposal would eliminate the state’s conformity with IRS Code 280E, allowing state-licensed cannabis companies to take some normal business deductions.
Wed / May 24th
California’s total cannabis tax revenues for Q1 2023 topped out at $216 million, down about $32 million from the fourth quarter of last year.
Tue / May 23rd
For the first time since states started to pass cannabis legalization reforms, tax revenue from adult-use sales declined slightly in the U.S. from 2021 to 2022 (from $3.867 billion to $3.775 billion).
Thu / May 18th
Oregon Gov. Tina Kotek (D) announced this week that the state’s cannabis companies must now prove that they’ve paid their state taxes before they can receive a license or have an existing license renewed.
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