Tax income from authorized marijuana gross sales has set a brand new annual document as extra markets mature.
Within the decade since america launched its first regulated grownup hashish markets, hashish tax income has turn into an more and more substantial income stream for state governments throughout the nation.
A brand new report from the advocacy nonprofit Marijuana Coverage Challenge highlights simply how profitable legalized hashish has confirmed to be for state coffers. Within the first quarter of 2024, a complete of 24 US states that tax the sale of marijuana to adults have collected a mixed $20 billion in related tax income.
Tax income from authorized marijuana gross sales will explode to greater than $4 billion nationwide in 2023 alone, setting a brand new annual document as extra markets mature, in response to MPP's information compilation.
“Hashish legalization presents monumental monetary advantages for state governments and social providers and applications,” stated MPP. “In lots of states with taxed and controlled hashish markets, general gross sales and tax revenues have shortly exceeded preliminary estimates.”
Main the way in which are the Western states that first launched grownup use markets, together with Colorado, which has earned $2.4 billion in tax {dollars} since pioneering authorized gross sales in 2014. The Washington state collected greater than $4.1 billion from hashish taxes and charges in the identical interval.
The report additionally confirmed that new adult-use markets within the Midwest and Northeast are additionally rising their shares of the income pie. Illinois introduced in additional than $550 million from hashish taxes in 2023, whereas Michigan collected $470 million final yr.
https://www.greenmarketreport.com/states-collected-record-4b-in-cannabis-taxes-in-2023/
