Arkansas Medical Cannabis Sales Surpass $22 Million in June
Tue / Jul 19th
Arkansas medical cannabis patients purchased more than $22 million worth of cannabis in June.
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 / 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.
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.
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