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Marijuana Policy Project (MPP) Reports Says States Have Collected $US10 Billion In Cannabis Taxes So Far

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Here’s what they say

Legalizing cannabis for adults has been a wise investment. Since 2014 when sales began in Colorado and Washington, legalization policies have provided states a new revenue stream to bolster budgets and fund important services and programs. As of December 2021, states reported a combined total of $10.4 billion in tax revenue from legal, adult-use cannabis sales. In addition to revenue generated for statewide budgets, cities and towns have also generated hundreds of thousands of dollars in new revenue from local adult-use cannabis taxes.

Eighteen states have laws that legalize, tax, and regulate cannabis for adults 21 and older (the 2020 voter-approved adult-use legalization law in South Dakota was overturned by the state’s Supreme Court in November 2021). Eight of the laws were approved in 2020 or 2021, and in seven of those states, sales and tax collections have not yet begun. This document reviews each state’s adult-use cannabis tax structure, population, and revenue from legalization. These figures do not include medical cannabis tax revenue, application and licensing fees paid by cannabis businesses, additional income taxes generated by workers in the cannabis industry, or corporate taxes paid to the federal government.


Colorado (pop. 5.8 million) | Tax rate: 15% wholesale, 15% special retail

Colorado voters approved an initiative to regulate cannabis for adults in November 2012, and on January 1, 2014, the state became the first with legal adult-use sales. Colorado already had a developed medical cannabis regulatory system, and many businesses were able to transition to having both a medical and an adult-use counter. Colorado has a robust medical program, with about 1.6% of the population enrolled. Colorado’s 15% wholesale excise tax and its 15% special retail tax do not apply to those sales. (The special retail tax rate was 10% until the legislature and governor increased it in July 2017. Also, until July 2017, a 2.9% standard statewide sales tax was levied on cannabis sales. Currently, the standard sales tax is only applied to cannabis accessories (e.g. pipes) and is not included in the totals below.)

As of November 2021, $471.9 million of the total revenue generated from cannabis taxes has been dedicated to improving Colorado’s public school system.1

The below figures do not count local sales tax revenues, which have been significant. The city of Denver, for example, applies an additional 5.5% local sales tax on adult-use cannabis and has collected $237.5 million as of November 2021.2

Year Colorado State Tax Revenue from Adult-Use Cannabis3
2014 $46,104,922
2015 $104,759,961
2016 $167,157,150
2017 $220,688,951
2018 $243,466,892
2019 $279,155,047
2020 $362,027,103
Jan. – Nov. 2021 $367,778,689
Total $1,791,138,715

State Sales Tax Revenue from Adult-Use Cannabis (Colorado)

2014201520162017201820192020$0$100,000,000$200,000,000$300,000,000$400,000,000

Year State Sales Tax Revenue from Adult-Use Cannabis
2014 46,104,922
2015 104,759,961
2016 167,157,150
2017 220,688,951
2018 243,466,892
2019 279,155,047
2020 362,027,103

Washington (pop. 7.6 million) | Tax rate: 37% at retail since July 2015; 6.5% sales tax

Washington’s voters also approved an adult-use measure in November 2012, and its first stores opened in July 2014. At the time, the state had an unregulated, arguably illegal, medical cannabis dispensary system, which was separate from the regulated adult-use program. This resulted in a slower ramp-up than in Colorado. Until July 2015, taxes were quite high — 25% at three points of transfer — making it hard to compete with illegal sales. In addition to changing the tax rate to 37% in 2015, the legislature created a medical endorsement program to which adult-use stores could apply to join.

In the 2019 and 2020 fiscal years, state officials reported that revenue from the 37% cannabis retail tax outpaced alcohol tax revenue, despite the fact that many more adults consume alcohol than cannabis.4 For every $1 billion in revenue collected from the cannabis sales tax, nearly $600 million is funneled into public health initiatives, including a fund that provides health insurance for low-income families.5

The below figures do not include local taxes, which totaled an estimated $188.3 million from July 2014 through October 2021.6

Year Estimated Washington State Tax Revenue from Adult-Use Cannabis7
June – Dec. 2014 $22,399,058
2015 $159,451,910
2016 $302,976,832
2017 $397,358,420
2018 $437,169,560
2019  $477,310,790
2020 $614,475,190
Jan. – Sept. 2021 $480,851,220
Total $3,051,390,820

Estimated State Sales Tax Revenue from Adult-Use Cannabis (Washington)

2014201520162017201820192020$0$200,000,000$400,000,000$600,000,000$800,000,000

Year Estimated State Sales Tax Revenue from Adult-Use Cannabis
2014 22,399,058
2015 159,451,910
2016 302,976,832
2017 397,358,420
2018 437,169,560
2019 477,310,790
2020 614,475,190

Oregon (pop. 4.2 million) | Tax rate: 17% at retail

Oregon voters approved an initiative regulating cannabis for adult use in November 2014, and the state’s first adult-use stores opened in October 2016. In addition, the legislature allowed medical cannabis dispensaries to sell a limited amount of cannabis (five grams) to adults from October 2015 until December 31, 2016. Those sales were taxed at 25% beginning January 4, 2016. The state’s medical patients (about 0.5% of Oregon’s population and dropping) can buy cannabis tax-free from adult-use stores.

Of the cannabis-related tax revenue it collects, the state distributes 40% to public schools, 15% to law enforcement, and 25% to mental health and treatment programs.8

The below figures do not include the 3% sales tax some localities impose. From February 2017 through August 2021, the local taxes collected totaled $86.1 million.9

Year Oregon State Tax Revenue from Adult-Use Cannabis10
Feb. – Dec. 2016 $60,154,432
2017 $68,646,246
2018 $94,226,985
2019 $115,915,277
2020 $158,336,274
Jan. – Sept. 2021 $138,232,915
Total $635,512,128

State Sales Tax Revenue from Adult-Use Cannabis (Oregon)

20162017201820192020$0$50,000,000$100,000,000$150,000,000$200,000,000

Year State Sales Tax Revenue from Adult-Use Cannabis
2016 60,154,432
2017 68,646,246
2018 94,226,985
2019 115,915,277
2020 158,336,274

Alaska (pop. 730,000) | Tax rate: $50/ounce at wholesale

Alaska voters approved an initiative to regulate cannabis for adult use in November 2014, and the first adult-use stores opened in October 2016.

A number of factors initially resulted in slower revenue generation than in some other states. The state’s medical cannabis program did not have dispensaries, meaning there were no cannabis businesses that could transition to adult-use cultivators and retailers. As a result of a limited supply, many stores closed for large stretches of January 2017 or operated with reduced hours.11

Half of all adult-use cannabis tax revenue is invested in the Recidivism Reduction Fund and supports reentry programs for currently and formerly incarcerated individuals.12

The below figures do not include additional tax some localities impose.

Year Alaska State Tax Revenue from Adult-Use Cannabis13
Oct. – Dec. 2016 $232,696
2017 $6,075,069
2018 $15,697,268
2019 $21,672,822
2020 $27,205,435
Jan. – Oct. 2021 $24,121,616
Total $95,004,906

State Sales Tax Revenue from Adult-Use Cannabis (Alaska)

20162017201820192020$0$10,000,000$20,000,000$30,000,000

Year State Sales Tax Revenue from Adult-Use Cannabis
2016 232,696
2017 6,075,069
2018 15,697,268
2019 21,672,822
2020 27,205,435

Nevada (pop. 3.1 million) | Tax rate: 15% wholesale, 10% special retail

Nevada voters approved an initiative regulating cannabis for adult use in November 2016. The first adult-use stores were expected to be licensed in 2018, but the legislature and governor allowed medical cannabis dispensaries to sell to adults beginning on July 1, 2017.

A substantial piece of the 15% wholesale tax paid by cannabis cultivators goes to local governments, while the remainder is deposited into the state’s Distributive School Account to fund public education. The 10% cannabis retail tax has added hundreds of millions of dollars to the state’s rainy day fund.

The below figures do not count standard state and local sales taxes.

Year Nevada State Tax Revenue from Adult-Use Cannabis14
July – Dec. 2017 $30,376,795
2018 $86,901,086
2019 $107,440,859
2020 $123,683,509
Jan. – Sept. 2021 $123,142,398
Total $471,544,647

State Sales Tax Revenue from Adult-Use Cannabis (Nevada)

2017201820192020$0$25,000,000$50,000,000$75,000,000$100,000,000$125,000,000

Year State Sales Tax Revenue from Adult-Use Cannabis
2017 30,376,795
2018 86,901,086
2019 107,440,859
2020 123,683,509

California (pop. 39.5 million) | Tax rate: $9.25 per ounce for flowers or $2.75 on leaves/trim; 15% excise tax; 7.25% standard sales tax

California voters approved an initiative regulating cannabis for adults’ use in November 2016. The state’s first adult-use stores began to open in January 2018, but transition from the state’s unregulated, grey market medical cannabis providers to a licensed and regulated system has been more gradual than some anticipated. In addition, localities have been slow to establish regulations, which has delayed the transition and reduced revenue.

In 2020, California collected more than $1 billion in adult-use cannabis tax revenue, a 62% increase compared to 2019.

The voter-approved legalization law directs a significant portion of its cannabis tax revenues to local nonprofit programs that benefit people adversely impacted by punitive drug laws. More than $100 million has already been distributed to community groups, with more on the way.15 The state also invests large chunks of cannabis revenue into child care services and environmental programs.

The below figures do not include local sales and special taxes established by municipalities across the state, which raise an estimated $85 million in additional tax dollars each year in the state.16

Year California State Tax Revenue from Adult-Use Cannabis17
2018 $397,716,675
2019 $638,579,351
2020 $1,110,369,823
Jan. – Sept. 2021 $976,811,788
Total $3,123,477,637

State Sales Tax Revenue from Adult-Use Cannabis (California)

201820192020$0$250,000,000$500,000,000$750,000,000$1,000,000,000$1,250,000,000

Year State Sales Tax Revenue from Adult-Use Cannabis
2018 397,716,675
2019 638,579,351
2020 1,110,369,823

Massachusetts (pop. 6.9 million) | Tax rate: 10.75% excise tax on sales; 6.25% standard sales tax

Massachusetts voters approved an initiative regulating cannabis for adults’ use in November 2016. Many expected sales to begin in the summer of 2018, but the first adult-use stores did not open until November 2018.

With adult-use cannabis tax revenue collected so far, the state has invested millions of dollars into public transportation and local governments.18

Massachusetts allows cities and towns to impose an additional sales tax up to 3%. Figures below do not include those totals. As of October 2021, local cannabis taxes provided an additional $62.5 million in revenue to cities and towns in Massachusetts.

Year Massachusetts State Tax Revenue from Adult-Use Cannabis19
Nov. – Dec. 2018 $678,134
2019 $66,243,027
2020 $111,963,388
Jan. – Nov. 2021 $205,645,201
Total $384,529,750

State Sales Tax Revenue from Adult-Use Cannabis (Massachusetts)

201820192020$0$25,000,000$50,000,000$75,000,000$100,000,000$125,000,000

Year State Sales Tax Revenue from Adult-Use Cannabis
2018 678,134
2019 66,243,027
2020 111,963,388

Michigan (pop. 10 million) | Tax rate: 10% excise tax on sales; 6% standard sales tax

Michigan voters approved an initiative to legalize and regulate cannabis for adults’ use in November 2018. Sales began in December 2019, but localities have been slow to opt in and establish regulations, which delays the transition from the illicit market. Detroit opted in on November 24, 2020.

For adult-use cannabis taxes collected in Fiscal Year 2020, the Michigan Department of Treasury reported in March 2021 that, “[a]side from the nearly $10 million in disbursements to municipalities and counties, around $11.6 million will be sent to the School Aid Fund for K-12 education and another $11.6 million to the Michigan Transportation Fund, upon appropriation. The remaining $12.5 million amount will be used toward start-up and administrative costs.”20

Year Estimated Michigan State Tax Revenue from Adult-Use Cannabis21
Dec. 2019 $1,118,289
2020 $81,705,350
Jan. – Nov. 2021 $188,306,010
Total $271,129,649

Estimated State Sales Tax Revenue from Adult-Use Cannabis (Michigan)

20192020$0$20,000,000$40,000,000$60,000,000$80,000,000$100,000,000

Year Estimated State Sales Tax Revenue from Adult-Use Cannabis
2019 1,118,289
2020 81,705,350

Illinois (pop. 12.7 million) | Tax rate: 7% at wholesale; from 10-25% at retail, depending on potency; 6.25% standard sales tax

On June 25, 2019, Gov. J.B. Pritzker signed HB 1438 into law, legalizing and regulating cannabis for adults’ use. Sales from existing medical cannabis businesses began on January 1, 2020.

Illinois’ law puts a strong emphasis on social equity and repairing harms caused by enforcement of laws that criminalized cannabis. In addition to investing 20% of adult-use cannabis tax revenue into mental health services, the state directs 25% of the funds to the Recover, Reinvest, and Renew Program, which supports local organizations in developing programs that benefit disadvantaged communities.

Year Illinois State Tax Revenue from Adult-Use Cannabis22
2020 $175,054,982
Jan. – Nov. 2021 $387,695,992
Total $562,750,974

State Sales Tax Revenue from Adult-Use Cannabis (Illinois)

2020$175,054,981$175,054,982$175,054,983

Year State Sales Tax Revenue from Adult-Use Cannabis
2020 175,054,982

Maine (pop. 1.3 million) | Tax rate: Wholesale tax of $335 per pound with lower rates for trim and seedlings; 10% sales tax

Maine voters approved an initiative regulating cannabis for adults’ use in November 2016, but sales did not begin until October 9, 2020.

The state’s legalization law divides cannabis tax revenue into two funds, one to support public health initiatives and the other for public safety and law enforcement training.

Year Maine State Sales Tax Revenue from Adult-Use Cannabis23
Oct. – Dec. 2020 $1,156,878
Jan. – Nov. 2021 $11,906,326
Total $13,063,204

State Sales Tax Revenue from Adult-Use Cannabis (Maine)

2020$1,156,877$1,156,878$1,156,879

Year State Sales Tax Revenue from Adult-Use Cannabis
2020 1,156,878

Vermont (pop. 620,000) | Tax rate: 14% excise tax on sales; 6% standard sales tax

On October 7, 2020, Gov. Phil Scott (R) allowed S. 54 to go into law without his signature. The law legalizes, regulates, and taxes cannabis sales for adults’ use. The legislature and governor had legalized personal possession and cultivation only in 2018. Regulated sales are scheduled to begin on May 1, 2022.

Vermont’s law requires that cannabis tax revenue be “used to fund a grant program to start or expand afterschool and summer learning programs, with a focus on increasing access in underserved areas.”


Arizona (pop. 7.3 million) | Tax rate: 16% excise tax on sales; 5.6% standard transaction privilege tax

Arizona voters approved an initiative regulating cannabis for adults’ use on November 3, 2020. Sales from existing medical cannabis businesses began on January 21, 2021.

After regulatory and enforcement costs are paid, Arizona’s law distributes a third of the cannabis tax revenue to community colleges, along with 10% to public health and criminal justice programs.24

Year Arizona State Sales Tax Revenue from Adult-Use Cannabis25
Jan. – Oct. 2021 $121,463,757
Total $121,463,757

Montana (pop. 1.1 million) | Tax rate: 20% excise tax on sales

Montana voters approved an initiative regulating cannabis for adults’ use on November 3, 2020. Sales began in January 2022.

The legalization implementation bill signed by the governor in May 2021 directs cannabis revenue to substance abuse recovery programs, conservation efforts, and services for veterans and their families.


New Jersey (pop. 8.9 million) | Tax rate: 6.625% standard sales tax, 1-2% local option taxes; fluctuating excise fee based on average sale price

On November 3, 2020, more than two-thirds of New Jersey voters approved a constitutional amendment directing the legislature and the Cannabis Regulatory Commission to regulate cannabis for adults’ use. Sales have not yet begun.

In March 2021, lawmakers approved  twin bills to implement the amendment. In addition to the standard sales taxes and local cannabis taxes, New Jersey’s law imposes excise fees on sales from cultivators, which regulators can adjust each year. The cultivation excise fees would start at one-third of one percent of average retail sales prices. Beginning nine months after adult-use sales begin, and every year thereafter, the Cannabis Regulatory Commission could revise the fees, with fees increasing as the average retail price of cannabis drops. The Commission could levy excise fees at the following rates:

  • up to $10 per ounce when average retail prices per ounce are $350 or higher;
  • up to $30 per ounce when average retail prices per ounce are at least $250 but less than $350;
  • up to $40 per ounce when average retail prices per ounce are at least $200 but less than $250; and
  • up to $60 per ounce when average retail prices drop below $200 per ounce.

Taxes from New Jersey’s legal cannabis market will largely support goals to promote social equity. The law requires 70% of cannabis revenues to provide economic assistance and services to “impact zones,” which are areas of the state disproportionately affected by prior enforcement of cannabis criminalization laws.


New York (pop. 19.5 million) | Tax rate: 9% cannabis sales tax; 4% local sales tax; for distributors, a potency tax on THC of $0.005/mg for flower, $0.008/mg for concentrates, and $0.03/mg for edibles

On March 31, 2021, Gov. Andrew Cuomo signed legislation (S.854-A/A.1248-A) legalizing cannabis for adults in New York. Sales have not yet begun.

After regulatory and administrative costs, 40% of cannabis revenue will go to community reinvestment grants, 20% will go to public schools, and 40% will support drug treatment and public health programs.


New Mexico (pop. 2.1 million) | Tax rate: 12% retail excise until July 1, 2025, which then increases by one percentage point per year, maxing out at 18% on July 1, 2030; 5.125% to 8.6875% gross receipts tax (which varies depending on the location in the state)

New Mexico’s Cannabis Regulation Act legalizes and regulates cannabis for adults 21 and older. It passed the legislature on March 31, 2021 during a special session called for that purpose by Gov. Michelle Lujan Grisham. Gov. Grisham signed the bill on April 12, 2021. Sales have not yet begun.

Much of the cannabis excise tax revenue will go to the municipal governments where sales take place. Future budget bills will include additional revenue distribution. They are expected to include funding for community reinvestment.


Virginia (pop. 8.5 million) | Tax rate: 21% retail sales tax; 6% standard sales tax; optional local sales tax up to 3%

On April 7, 2021, the Virginia General Assembly voted to approve amendments proposed by Gov. Ralph Northam that made the adult-use legalization law take effect on July 1, 2021.

After covering regulatory costs, cannabis tax revenue will be allocated to pre-K education for at-risk children (40%); a Cannabis Equity Reinvestment Fund (30%); substance abuse treatment and prevention (25%); and public health programs (5%). Sales are scheduled to begin in January 2024, but the legislature could speed up — or stall — implementation.


Connecticut (pop. 3.6 million) | Tax rate: THC-based excise tax: $0.00625 per milligram of THC in flower cannabis; $0.0275/mg of THC in edibles; $0.009 /mg of THC in other cannabis products; 6.35% standard sales tax; 3% tax to the municipality where the sales occurred

On June 22, 2021, Gov. Ned Lamont signed S.B. 1201 — “An Act Concerning the Equitable and Responsible Regulation of Cannabis” — into law, after it passed the Connecticut House and Senate.

Starting on July 1, 2023 and thereafter, 25% of the excise tax will go to the Prevention and Recovery Services Fund. From July 1, 2023 until June 30, 2026, 60% of the excise tax would go to the Social Equity and Innovation Fund. On July 1, 2026, that would increase to 65%. Beginning on July 1, 2028, it would increase again and would remain at 75%.

The 3% tax that goes to municipalities must be used for one of five specific purposes, such as re-entry services, mental health or addiction services, youth services bureaus, and streetscape improvements near cannabis retailers.

Sales are expected to begin in 2022.


1 https://cdor.colorado.gov/data-and-reports/marijuana-data/marijuana-tax-reports

2 https://www.denvergov.org/Government/Departments/Marijuana-Information-Office/Data-and-Statistics

3 https://cdor.colorado.gov/data-and-reports/marijuana-data/marijuana-tax-reports

4 https://dor.wa.gov/sites/default/files/legacy/docs/reports/2020/Tax_Statistics_2020/Table1.pdf

5 https://crosscut.com/news/2021/02/how-1-billion-pot-taxes-gets-spent-washington-state

6 https://dor.wa.gov/about/statistics-reports/recreational-and-medical-marijuana-taxes

7 Monthly excise tax data: https://www.502data.com/ (for data prior to 2017); Monthly sales tax data and excise tax estimates based on sales volume provided here: https://dor.wa.gov/about/statistics-reports/recreational-and-medical-marijuana-taxes

8 https://www.oregon.gov/dor/programs/gov-research/Documents/Financial-reporting-distributions-public.pdf

9 https://www.oregon.gov/DOR/programs/gov-research/Pages/research-marijuana.aspx

10 Ibid.

11 Laurel Andrews, “Legal weed is hard to come by in Alaska,” Alaska Dispatch News, January 5, 2017.

12 https://tax.alaska.gov/programs/programs/reports/Annual.aspx?60000&Year=2020

13 http://tax.alaska.gov/programs/programs/reports/index.aspx?60000

14 https://tax.nv.gov/Publications/Marijuana_Statistics_and_Reports/

15 https://apnews.com/article/marijuana-business-california-recreational-marijuana-ae20c17fc439570783d6be602e2e4e6f

16 https://www.youth-forward.org/uploads/9/8/8/6/98869028/youth_forward_cannabistaxreport_2020_rev060820.pdf

17 https://www.cdtfa.ca.gov/dataportal/dataset.htm?url=CannabisTaxRevenues

18 https://www.masslive.com/marijuana/2020/08/heres-where-marijuana-tax-revenue-has-gone-in-massachusetts.html

19 https://cthru.data.socrata.com/dataset/Total-Tax-Revenue-Collections/me5t-fei2

20 https://www.michigan.gov/treasury/0,4679,7-121-1755_1963-553542–,00.html#:~:text=For%20the%20state%20of%20Michigan’s,from%20the%20Marihuana%20Regulation%20Fund

21 https://www.michigan.gov/lara/0,4601,7-154-89334_79571_93032-497635–,00.html

22 See the “Cannabis” tab of the reports linked on this webpage: https://www2.illinois.gov/rev/research/taxstats/CollectionsComptroller/Pages/default.aspx

23 Email correspondence dated January 3, 2022 with David Gunter of Maine Revenue Services.

24 https://www.azleg.gov/jlbc/20novI-23-2020fn730.pdf

25 https://azdor.gov/reports-statistics-and-legal-research/marijuana-tax-collection

https://www.mpp.org/issues/legalization/cannabis-tax-revenue-states-regulate-cannabis-adult-use/

 

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Massachusetts marijuana excise tax revenue exceeds alcohol for first time

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WCVB reports

Since adult-use retailers opened in Massachusetts in November 2018, gross total sales have now reached $2.54 billion, according to data from the Cannabis Control Commission.

While tax data shows alcohol consumption is hardly plummeting, the meteoric rise in cannabis use speaks to changing attitudes about recreational alcohol and marijuana use.

“I think that people are looking for an alternative to make them feel better,” said Mikayla Bell, community outreach manager for NETA, one of the largest cannabis retailers in the state. “Oftentimes people are turning to alcohol for relief. And now they found another product with without the hangover, without the calories.”

Bell said the general public is becoming more comfortable with the idea of recreational marijuana, even if they’re not using it themselves.

Data obtained by 5 Investigates reveals plenty of people are consuming it. Take excise taxes, which are levied on both alcohol and marijuana.

Alcohol excise taxes have increased slightly in the past five fiscal years. Halfway through the current fiscal year, Massachusetts has collected $51.3 million so far in alcohol excise taxes.

For the first time, marijuana excise taxes have exceeded alcohol’s. At the same midway point this fiscal year, the state has collected $74.2 million as December 2021.

More at  https://www.wcvb.com/article/massachusetts-marijuana-excise-tax-revenue-exceeds-alcohol-for-first-time/38834509



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Arizona: Maricopa community colleges get $17.1M from cannabis tax in first year of legalit

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PHOENIX — Taxes from the sale of recreational cannabis during the first year of legality in Arizona resulted in millions of dollars for local community colleges, officials said Tuesday.

Maricopa County Community College District received $17.1 million from the imposed 16% excise tax on the drug, with the money being used to improve student offerings, the district said in a press release.

The district said it has earmarked $7.6 million of the funds toward 35 career-specific training programs, with focuses including beauty and wellness, healthcare, and trades and technology.

Voters passed the legal use of recreational marijuana in 2020, with the sale beginning in mid-January last year, according to the release.

Consumers spent approximately $513.5 million in Arizona on marijuana during the 2021 calendar year, the district said, with projections estimating the community colleges could receive $16 million annually from the tax for the first few years with gradual increase.

The district said community colleges get the most funding from the tax at 33%, followed by municipal police and fire districts (31.4%), the Highway User Fund (25.4%), the Justice Reinvestment Fund (10%) and 0.2% to the attorney general.

Source:  https://ktar.com/story/4847657/maricopa-community-colleges-get-17m-from-cannabis-tax-in-first-year-of-legality/



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NY Post Report: Gov. Hochul’s budget projects $1.25 billion in revenue from cannabis sales over 6 years

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NY Post writes

New York is set to reach new highs starting in 2023 — thanks to legalized pot.

The state plans to reap more than $1.25 billion in new revenue from legal marijuana sales during the next six years, according to the fiscal 2023 spending plan unveiled Tuesday by Gov. Kathy Hochul.

The first year’s take is a relatively puny $56 million, with most of the money — $40 million — coming from licensing fees paid by growers and sellers, based on figures in the briefing book on Hochul’s proposed $216.3 billion budget.

Those fees are expected to start rolling in later this year and storefront sales of recreational marijuana are likely to begin next year, state Budget Director Robert Mujica said during an afternoon briefing in Albany.

Once the business begins booming, projections show the state will collect rapidly increasing revenues that reach $363 million in fiscal 2028.

More at    https://nypost.com/2022/01/18/kathy-hochul-ny-budget-sees-1-25-billion-from-pot-sales-over-six-years/

Download all 237 pages of the budget at

https://www.governor.ny.gov/sites/default/files/2022-01/2022StateoftheStateBook.pdf



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