Two New Mexico Tribes Sign Agreement with State to Begin Selling Cannabis
Mon / May 23rd
The Pojoaque and Picuris tribes in New Mexico signed an agreement with the state last week to collect taxes on local cannabis product sales.
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.
Mon / May 23rd
The Pojoaque and Picuris tribes in New Mexico signed an agreement with the state last week to collect taxes on local cannabis product sales.
Tue / May 17th
Under California Gov. Gavin Newsom’s proposal for the incoming budget year, the state may eliminate its cannabis cultivation tax but it would make up the difference by increasing excise taxes after several years.
Thu / May 12th
The 4/20 holiday represented a single-day record for Missouri with medical cannabis sales reaching $2.85 million, leading to a $6 million increase in April over March.
Fri / May 6th
South Carolina’s Legislature declared its latest medical cannabis bill unconstitutional over a tax provision, defeating the bill for this year.
Thu / May 5th
A recent study found that California could double its cannabis-derived tax revenues by removing the state’s cultivation tax, which would attract more customers by aligning industry prices closer to that of the traditional market.
Thu / Apr 21st
Excise taxes for cannabis far exceeded those of alcohol in 11 states with functional cannabis programs, according to an Institute on Taxation and Economic Policy report.
Thu / Apr 21st
Washington D.C. is waiving medical cannabis registration fees and the local 6% sales tax on medical cannabis products through April 24, hoping to attract more patients to the District’s licensed dispensaries.
Thu / Apr 14th
The Oklahoma Medical Marijuana Authority has designated $2 million from medical cannabis taxes to fund youth substance abuse programs in the state.
Tue / Apr 12th
Montana’s latest revenue report shows that first-quarter cannabis sales reached $72.9 million, far exceeding initial expectations.
Fri / Apr 8th
New York lawmakers and Gov. Kathy Hochul (D) have agreed to let licensed cannabis companies take normal business tax deductions like any other industry.
Mon / Mar 28th
Michigan cannabis sales reached $1 billion during the fiscal year 2021, generating millions in tax revenue for municipalities, education, and transportation funds.
Fri / Mar 25th
New York’s adult-use cannabis law includes a potency tax that, combined with sales and other local taxes, could drive prices for an eighth of cannabis up to $70.
Thu / Mar 24th
Arkansas saw medical cannabis sales reach $21.1 million in February, bringing a total of $2.333 million in tax revenues.
Fri / Mar 18th
A California Senate proposal would create new tax credits for state-licensed cannabis retailers to lift some of the financial pressures off legal operators.
Wed / Mar 16th
A recent survey by the National Cannabis Industry Association and Whitney Economics found that 37% of cannabis businesses in the U.S. are not profitable.
Fri / Mar 4th
Law enforcement raided a Los Angeles dispensary for all of its cash — including the budtender tip jars — over an appealed $66,000 fee related to the company’s inability to pay taxes in cash during the pandemic.
Mon / Feb 28th
Arizona’s community colleges received more than $31 million from cannabis-derived taxes last year.
Fri / Feb 25th
A California proposal is seeking to suspend the state’s cannabis cultivation tax and increase its retail excise tax to cover the resulting dip in state revenues.
Fri / Feb 25th
A recent New Mexico Supreme Court ruling confirmed that medical cannabis purchases in the state cannot be taxed.
Fri / Feb 25th
Medical cannabis sales in Arkansas surpassed $20 million in January 2022, raising $2.84 million in tax revenue for the state.
Thu / Feb 24th
Oregon lawmakers are considering a proposal to let certain counties that border states where cannabis remains outlawed increase the local cannabis tax rate from 3% to no more than 10%. Only Malheur County, next to Idaho, would qualify.
Sun / Feb 20th
Recently, officials in San Francisco, California voted unanimously to suspend the implementation of its voter-approved cannabis tax. Supervisor Rafael Mandelman,… Read More
Wed / Feb 16th
In a move that should boost the city’s flailing cannabis industry, San Diego’s City Council voted to reduce the tax rate on cannabis producers from 8% to 2%.
Tue / Jan 25th
New York Gov. Kathy Hochul’s (D) administration is reportedly expecting $1.25 billion in cannabis tax revenue over the next five years.
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