Arizona Sold $1.6B Worth of Cannabis in 2021 to Become Second-Largest U.S. Market
Mon / Dec 12th
Arizona sold $1.6 billion worth of cannabis in 2021 to become the second-largest cannabis market in the U.S. behind California.
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 / Dec 12th
Arizona sold $1.6 billion worth of cannabis in 2021 to become the second-largest cannabis market in the U.S. behind California.
Wed / Nov 9th
Missouri became the first mid-western state and the 21st state overall to approve adult-use cannabis reforms in Tuesday’s elections.
Mon / Nov 7th
Colorado has sold $13.4 billion worth of adult-use cannabis since its legalization in 2012, generating $2.2 billion in taxes for the state.Â
Wed / Nov 2nd
The Hawaii Tax Department released projections that adult-use cannabis legalization could lead to an estimated $50 million in additional annual state revenue.
Tue / Nov 1st
The New Jersey Assembly passed a proposal to let licensed cannabis businesses deduct certain expenses from their state tax filings; the bill still needs to pass the Senate and be signed by the governor.
Tue / Oct 18th
On Monday, the Czech cabinet was slated to review a draft plan for addressing drug addiction in the country including launching a regulated cannabis market and increasing spending on treatment.
Wed / Oct 5th
Nevada adult-use cannabis sales reached $965 million during the fiscal year 2022.
Thu / Sep 8th
Illinois has topped more than $1 billion in 2022 cannabis sales by the end of August which represents a 16% year-over-year increase from the previous year.
Wed / Aug 17th
Arizona’s adult-use cannabis sales reached $76.5 million in May while medical cannabis sales fell to their lowest total since January 2021 at less than $45 million.
Tue / Aug 16th
According to the New Jersey Cannabis Regulatory Commission, total adult-use cannabis sales reached $80 million during the program’s first 10 weeks.
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Mon / Aug 15th
Rhode Island’s November elections will see 31 municipalities voting on whether they will opt into allowing adult-use cannabis retail sales and the resulting cannabis industry tax revenues.
Fri / Aug 12th
Massachusetts Gov. Charlie Baker (R) signed a package of cannabis industry reform bills which includes provisions for tax reforms, expungement, social equity, and changes to industry fees.
Wed / Jul 27th
Adult-use cannabis tax revenues grew by 50% year over year in Illinois, reaching $445.3 million in 2021.
Mon / Jul 25th
Cannabis sales in Colorado hit $153.68 million for the month of May, a 32% decline from the state’s all-time high in July 2020.
Tue / Jul 19th
Arkansas medical cannabis patients purchased more than $22 million worth of cannabis in June.
Tue / Jul 12th
Arizona’s adult-use cannabis sales reached $75.5 million in April which represents a decrease of $5 million from March.
Thu / Jul 7th
New Jersey’s medical cannabis taxes were officially phased out as of July 1 under the Jake Honig Compassionate Use Medical Cannabis Act.
Fri / Jul 1st
California has officially eliminated the cannabis industry cultivation tax after the governor signed the state’s new budget on Thursday, which also included a 15% cap on the cannabis excise tax for three years.
Fri / Jun 3rd
New Mexico adult-use cannabis sales reached $21.1 million in May, slightly less than the state’s first month of sales.
Tue / May 31st
Helios Dayspring, ex-CEO of Natural Healing Center, was sentenced to 22 months for multiple felonies including bribery and filing a false tax return.
Mon / May 30th
California has earned $3.76 billion in total cannabis taxes since the state’s legal market launched in January 2018.
Fri / May 27th
A bipartisan bill containing tax credits for licensed cannabis retailers passed the California state Senate on Thursday and moves next to the Assembly for policy hearings.
Tue / May 24th
Rhode Island lawmakers passed the state’s adult-use cannabis legalization bill on Tuesday. The bill includes provisions for homegrows and the automatic expungement of prior cannabis possession charges.
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