Michigan Cannabis Sales Reach $1B During Fiscal Year 2021
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.
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 / 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.
Mon / Jan 24th
Adult-use cannabis excise taxes in Massachusetts surpassed those of alcohol for the first time in December by nearly $23 million.
Thu / Jan 13th
California Gov. Gavin Newsom (D) said in a recent budget proposal that he would support the restructuring of California’s cannabis tax policy.
Wed / Jan 12th
Arizona set a new record in November, topping $60 million in monthly adult-use cannabis sales for the first time.
Tue / Dec 28th
Rochester, New York’s mayor-elect Malik Evans has proposed using cannabis taxes to bolster a universal basic income program for his constituents.
Mon / Dec 20th
Nearly 30 California cannabis companies have raised the alarm to warn Gov. Gavin Newsome and legislative leaders that the state’s legal cannabis industry “is collapsing” due to excessive taxes and regulations.
Fri / Dec 17th
Illinois will attribute another $45 million derived from cannabis taxes toward community grants for communities most impacted by the war on drugs.
Mon / Dec 6th
Some California cannabis operators are considering withholding their tax payments in protest of the state’s increasing cannabis tax rate. The proposed action was described as a “California Weed Party.”
Fri / Dec 3rd
San Francisco, California will again delay implementing a voter-approved cannabis tax with the goal of curbing the illicit market.
Thu / Dec 2nd
In its first year of adult-use cannabis sales, Arizona has raised $106 million dollars in tax revenue. The money is earmarked for public safety initiatives.
Wed / Dec 1st
Alaska cannabis businesses owe nearly $1.8 million in back taxes due to a flat-tax structure paid by growers instead of at the point-of-sale.
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