Montana Governor’s Budget Projects Marijuana Revenue Will Grow While Alcohol Taxes Flatten Out

Montana Governor’s Budget Projects Marijuana Revenue Will Grow While Alcohol Taxes Flatten Out
MJ moment

“Obviously, hard alcohol is much more corrosive to society than what marijuana is.” By Keila Szpaller, Daily Montanan Hold the pinot noir, but raise a joint for the Montana economy. Tax revenue from wine is forecast to be relatively flat in the Treasure State the next couple of years, and despite Montana’s claims to fame in microbrewing, per capita beer consumption is on the same path, according to revenue projections in Gov. Greg Gianforte’s (R) budget proposal. Revenue from taxes on booze is projected to go up, but only by a hair, and income from taxes on tobacco products is slightly down overall. As expected, marijuana is forecasted to make a weighty contribution to state coffers, although it’s also just a sliver of the overall general fund collection, especially given recent “extraordinary” infusions of federal dollars into the state. “Total stimulus spending directed to Montana individuals, businesses, and government entities amounted to $11.8 billion,” the budget proposal said. From 2020 to 2022, general fund receipts “surged” from $2.53 billion to $3.77 billion, “a gain of over $1.2 billion in just two years,” the budget said. It said prior to the pandemic, it took 15 years for general fund revenue to grow by $1.2 billion. Tax revenue from cannabis is projected to hit $50.7 million in the 2024 fiscal year and $57.5 million in 2025 for the general fund, according to estimates in the budget proposal. That’s up from a projected $37.1 million in 2023, the first full year of implementation of the recreational marijuana program in Montana. Some of the tax revenue is first distributed to other funds, such as the HEART Fund supporting addiction recovery, and the budget proposal noted gross revenue on cannabis is projected to be $61.1 million in 2023 and as much as $91.1 in 2025.…

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Source : Montana Governor’s Budget Projects Marijuana Revenue Will Grow While Alcohol Taxes Flatten Out

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