Taxes

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.

New Mexico adult-use cannabis sales reached $21.1 million in May, slightly less than the state’s first month of sales.

Helios Dayspring, ex-CEO of Natural Healing Center, was sentenced to 22 months for multiple felonies including bribery and filing a false tax return.

California has earned $3.76 billion in total cannabis taxes since the state’s legal market launched in January 2018.

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.

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.

The Pojoaque and Picuris tribes in New Mexico signed an agreement with the state last week to collect taxes on local cannabis product sales.

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.

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.

South Carolina’s Legislature declared its latest medical cannabis bill unconstitutional over a tax provision, defeating the bill for this year.

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.

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.

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.

The Oklahoma Medical Marijuana Authority has designated $2 million from medical cannabis taxes to fund youth substance abuse programs in the state.

Montana’s latest revenue report shows that first-quarter cannabis sales reached $72.9 million, far exceeding initial expectations.

New York lawmakers and Gov. Kathy Hochul (D) have agreed to let licensed cannabis companies take normal business tax deductions like any other industry.

Michigan cannabis sales reached $1 billion during the fiscal year 2021, generating millions in tax revenue for municipalities, education, and transportation funds.

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.

Arkansas saw medical cannabis sales reach $21.1 million in February, bringing a total of $2.333 million in tax revenues.

A California Senate proposal would create new tax credits for state-licensed cannabis retailers to lift some of the financial pressures off legal operators.

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.

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.

Arizona’s community colleges received more than $31 million from cannabis-derived taxes last year.

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.