Legal Marijuana States Have Generated Nearly $8 Billion In Tax Revenue Since Recreational Sales Launched, Report Finds

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States that have legalized marijuana for adult use have collectively generated nearly $8 billion in tax revenue from cannabis since legal sales first began in 2014, according to a new report from the Marijuana Policy Project (MPP). The analysis examined the tax structure and revenue streams of all 18 states that have legalized recreational cannabis, though sales have not launched yet in seven of those states. Overall, it shows that establishing regulated marijuana markets gives states a steady and generally growing source of revenue that can support various programs and services. Last year alone, the adult-use states collected $2.7 billion in taxes from cannabis sales. And as more markets come online and others mature, that’s expected to continue to grow. As of May 2021, states reported a combined total of $7.9 billion in tax revenue from legal, adult-use marijuana sales. Check out MPP's new report on tax revenue generated from state-legal, adult-use cannabis since sales began in 2014!https://t.co/yv4ImL2s1s — Marijuana Policy Project (@MarijuanaPolicy) May 25, 2021 For example, California took in more than $1 billion in tax revenue from recreational marijuana in 2020—a 62 percent increase from 2019. Illinois has consistently been breaking monthly cannabis sales records since its program started in January 2020, and if the trend keeps up, it could create upwards of $1 billion in tax revenue this year. For the first time, marijuana taxes outpaced those derived from alcohol in the state last quarter. The report does not factor in local tax revenue that individual municipalities may impose on cannabis sales, like in Denver where residents pay an additional 5.5 percent tax that has generated hundreds of thousands of dollars for the city. “Legalizing cannabis for adults has proven to be a wise investment,” Jared Moffat, state campaigns manager at MPP, said in a press release.…

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Source : Legal Marijuana States Have Generated Nearly Billion In Tax Revenue Since Recreational Sales Launched, Report Finds

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