Taxes

Vermont lawmakers in the House have approved a Senate plan to legalize adult-use cannabis sales; some final deliberations remain, however, before the bill can head to the governor’s desk.

Data shows that Maryland’s medical cannabis industry has generated about $21.7 million in tax revenue for the state.

A court ruling in New Mexico signals that state-licensed medical cannabis companies can claim a tax deduction reserved for prescription medication.

The first year of cannabis tax revenues from Canada’s legalized market is lower than (barely half of) what the government had expected.

Tax rates on adult-use cannabis in Chicago could reach as high as 41 percent for high-potency products after local regulators approved an extra 3 percent tax on all cannabis retailers.

Non-partisan budget officials in California have suggested moving the state to a potency-based cannabis tax strategy, which would include getting rid of the weight-based cultivator tax.

The California Department of Tax and Fee Administration has announced minor excise tax hikes on cannabis flower, leaf, and plants.

Humboldt County regulators are considering a plan to offer tax incentives for small and efficient cannabis farms that can meet energy, infrastructure, and footprint standards.

Missouri health officials have proposed banning medical cannabis companies from using cash to make state payments, including taxes, fees, and penalties.

Experts predict that Minnesota could generate up to $300 million in annual tax revenue via by legalizing and regulating adult-use cannabis.

The Arthritis Society of Canada has called for medical cannabis products to be available on pharmacy shelves; the group also called for ending the $1 per gram federal excise tax on cannabis.

California Gov. Gavin Newsom signed a bill allowing cannabis businesses to take normal business tax deductions alongside several other pieces of cannabis legislation. The governor, however, opted to veto legislation allowing for cannabis use in hospitals.

Cannabis-derived revenues continue to climb in Nevada, where officials have raked in more than $100 million from cannabis taxes and fees over the last fiscal year.

Cannabis tax revenues are going up in California but are still far below original expectations, likely thanks to high tax rates and an excess of local bans on the industry.

In the almost year since legal adult-use sales launched in Canada, cannabis industry employment has nearly quadrupled from 2,630 positions filled to 9,200.

A new Pew report warns states against trusting their cannabis tax revenue estimates during the market’s early years.

Canada’s legal cannabis marketplace earned $186 million in general and excise taxes during its first five and a half months.

Since its establishment in 2014, Colorado’s legal cannabis industry has generated just over $1 billion in tax revenue for the state. More than $6.5 billion worth of cannabis has been sold.

Lawmakers in California have rejected legislation to reduce the state’s cannabis tax but also advanced a bill that would require municipalities to allow industry operations.

California’s high cannabis tax rates — which in some communities can reach as high as 50 percent — appear to have drastically stunted the marketplace’s growth, so much so that state officials have scaled back their estimated cannabis tax revenues through June 2020 by $223 million.

A bill to legalize and regulate adult-use cannabis has passed the Connecticut Finance Committee and is expected to advance next to the full House floor for consideration.

Connecticut lawmakers are hoping for a 20 percent overall tax on adult-use cannabis products with an optional 3 percent tax for local municipalities; the tax plan would keep Connecticut’s cannabis tax on par with neighboring Massachusetts.

A bi-partisan Massachusetts proposal would subject unlicensed cannabis sellers to a “foregone tax revenue assessment,” which would bill illegal operators based on the “estimated forgone tax revenue” resulted from their unregulated sales.