Taxes

Nevada adult-use cannabis sales reached $965 million during the fiscal year 2022.

Illinois has topped more than $1 billion in 2022 cannabis sales by the end of August which represents a 16% year-over-year increase from the previous year.

Arizona’s adult-use cannabis sales reached $76.5 million in May while medical cannabis sales fell to their lowest total since January 2021 at less than $45 million.

According to the New Jersey Cannabis Regulatory Commission, total adult-use cannabis sales reached $80 million during the program’s first 10 weeks.

Rhode Island’s November elections will see 31 municipalities voting on whether they will opt into allowing adult-use cannabis retail sales and the resulting cannabis industry tax revenues.

Massachusetts Gov. Charlie Baker (R) signed a package of cannabis industry reform bills which includes provisions for tax reforms, expungement, social equity, and changes to industry fees.

Adult-use cannabis tax revenues grew by 50% year over year in Illinois, reaching $445.3 million in 2021.

Cannabis sales in Colorado hit $153.68 million for the month of May, a 32% decline from the state’s all-time high in July 2020.

Arkansas medical cannabis patients purchased more than $22 million worth of cannabis in June.

Arizona’s adult-use cannabis sales reached $75.5 million in April which represents a decrease of $5 million from March.

New Jersey’s medical cannabis taxes were officially phased out as of July 1 under the Jake Honig Compassionate Use Medical Cannabis Act.

California has officially eliminated the cannabis industry cultivation tax after the governor signed the state’s new budget on Thursday, which also included a 15% cap on the cannabis excise tax for three years.

New Mexico adult-use cannabis sales reached $21.1 million in May, slightly less than the state’s first month of sales.

Helios Dayspring, ex-CEO of Natural Healing Center, was sentenced to 22 months for multiple felonies including bribery and filing a false tax return.

California has earned $3.76 billion in total cannabis taxes since the state’s legal market launched in January 2018.

A bipartisan bill containing tax credits for licensed cannabis retailers passed the California state Senate on Thursday and moves next to the Assembly for policy hearings.

Rhode Island lawmakers passed the state’s adult-use cannabis legalization bill on Tuesday. The bill includes provisions for homegrows and the automatic expungement of prior cannabis possession charges.

The Pojoaque and Picuris tribes in New Mexico signed an agreement with the state last week to collect taxes on local cannabis product sales.

Under California Gov. Gavin Newsom’s proposal for the incoming budget year, the state may eliminate its cannabis cultivation tax but it would make up the difference by increasing excise taxes after several years.

The 4/20 holiday represented a single-day record for Missouri with medical cannabis sales reaching $2.85 million, leading to a $6 million increase in April over March.

South Carolina’s Legislature declared its latest medical cannabis bill unconstitutional over a tax provision, defeating the bill for this year.

A recent study found that California could double its cannabis-derived tax revenues by removing the state’s cultivation tax, which would attract more customers by aligning industry prices closer to that of the traditional market.

Excise taxes for cannabis far exceeded those of alcohol in 11 states with functional cannabis programs, according to an Institute on Taxation and Economic Policy report.