marijuana taxes Archives - Cannabis Business Executive - Cannabis and Marijuana industry news

Washington medical cannabis users get break from the nation’s highest pot taxes

Thanks to a new state law, Washingtonians with a medical cannabis card can get a break from the nation’s highest tax on the drug. The change, which took effect Thursday, could nudge more people to get medical cards and potentially depress…

Marijuana tax revenues fall short of projections in many states, including Colorado

Nearly half of Americans live in a state that allows legal access to recreational marijuana. Eleven more states, including Wisconsin and Florida, are considering legalization in 2024. One of the most common rationales for legalizing marijuana is increasing state tax revenue. How much revenue…

Michigan local governments getting $87 million from marijuana sales

Michigan municipalities with recreational marijuana businesses are getting more than $87 million in payouts this week from taxes on marijuana purchases as sales continue to grow. According to the Michigan Department of Treasury, 71 counties and 198 cities, townships and…

Voters to decide on legalizing recreational marijuana in Ohio

October 9, 2023
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Ohio
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Voters will decide in the upcoming election whether to legalize recreational marijuana for use by those at least 21 years old in Ohio. The proposal would allow those adults to buy and possess 2.5 ounces of cannabis and 15 grams…

Marijuana money will bail out Maine’s struggling veterans homes

July 14, 2023
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Maine
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Maine Veterans’ Homes will get $2.6 million from a state marijuana fund to close a funding gap between Medicare rates and the cost of caring for Mainers who served in the military under a plan approved by lawmakers on Wednesday. But the…

Michigan municipalities to share nearly $60M in recreational marijuana tax revenue

More than $59.5 million will be distributed among 224 Michigan municipalities and counties that allow recreational marijuana sales, the state’s Department of Treasury announced Tuesday. Each eligible municipality will receive more than $51,800 for every licensed recreational marijuana retail store…

How much tax will you have to pay on legal pot purchases? Missouri is still deciding.

February 13, 2023
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Missouri
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A legal fight over how much tax can be collected on marijuana sales is brewing between county leaders, the pot industry and the state of Missouri. When Missourians voted to legalize recreational marijuana, they also legalized taxing it. Counties want…

Colorado marijuana sales tank in 2022 after pandemic-induced high

February 6, 2023
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Colorado
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Following a pandemic "high,” Colorado marijuana sales have been plummeting for months. Sales skyrocketed for the marijuana industry in the beginning of 2022, a trend that began at the onset of the COVID-19 pandemic. Now, marijuana industry officials are seeing…

Missouri marijuana companies can now deduct business expenses on state income taxes

January 10, 2023
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Missouri
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Marijuana companies will be able to deduct business expenses on their state taxes for the first time this year, a Missouri Department of Revenue spokeswoman confirmed to The Independent. Missourians voted to legalize medical marijuana in 2018. But under federal law,…

Cannabis Decriminalization Can Help Australian Taxpayers Save $850 Million A Year, Report Find

December 12, 2022
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Australia
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Australian taxpayers could save $850 million a year if the government takes action to decriminalize cannabis, according to a new report published last week. The public health research organization Penington Institute has found that Australian taxpayers could save about $850m each year…

Study: Minnesota missing out on millions in tax revenue by not taxing THC products

September 15, 2022
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Minnesota
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Minnesota is missing out on up to $46 million in revenue by not having a special tax on legal THC products, according to a University of Minnesota Duluth study. Looking at states that have legalized recreational marijuana, the university's Bureau…

NJ Ends State Sales Tax For Medical Marijuana Patients

Medical marijuana patients in New Jersey no longer have to pay state sales tax when they buy cannabis from a licensed dispensary, officials recently announced. The new tax rate became effective on July 1, according to the New Jersey Cannabis…

Some New Mexico cannabis producers may face higher than expected tax bill

New Mexico recreational-use cannabis companies, for the first time, are required to file their gross receipts and cannabis excise taxes in one week. It’s unclear exactly how much the state is set to collect, but cannabis regulators reported more than…

States that legalized marijuana are bringing in more tax revenue on pot sales than alcohol

A majority of the states that legalized recreational marijuana for recreational use are collecting more tax revenue from pot sales than alcohol sales. The first two states to legalize pot are profiting the most, Colorado and Washington. Across the country,…

Supreme Court: Medical marijuana can’t be taxed in New Mexico

February 24, 2022
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New Mexico
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The New Mexico Supreme Court has let stand a lower court ruling that found cannabis purchases by medical marijuana patients should not be subject to gross receipts tax. The Supreme Court issued its order Wednesday, just days before parties in…