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).<\/p>\n
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.<\/p>\n
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\u2019s expected to continue to grow.<\/p>\n
\nAs 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<\/a><\/p>\n
\u2014 Marijuana Policy Project (@MarijuanaPolicy) May 25, 2021<\/a><\/p>\n<\/blockquote>\n\n
For example, California took in more than $1 billion in tax revenue from recreational marijuana in 2020\u2014a 62 percent increase from 2019.<\/p>\n
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<\/a> this year. For the first time, marijuana taxes outpaced those derived from alcohol<\/a> in the state last quarter.<\/p>\n
The report<\/a> 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.<\/p>\n
\u201cLegalizing cannabis for adults has proven to be a wise investment,\u201d Jared Moffat, state campaigns manager at MPP, said in a press release. \u201cNot only are states seeing the benefits of a regulated market and far fewer cannabis-related arrests\u2014they\u2019re benefitting in a direct, economic way, too.\u201d<\/p>\n
MPP also broke down different ways that adult-use states are using those tax dollars.<\/p>\n
In Colorado, $404.5 million in marijuana tax revenue has supported the state\u2019s public school system. Oregon invests 40 percent of its cannabis revenue to public education, as well as 25 percent to fund mental health and treatment programs. And in California, $100 million in cannabis tax dollars have gone to community groups to help people most impacted by punitive drug laws.<\/p>\n
\u201cBefore legalization, money from cannabis sales flowed through an underground market that endangered public safety and disrupted communities. But now, we see all across the country that revenue from the legal cannabis industry is supporting schools, health care, and a range of other beneficial public programs,\u201d Moffat said<\/a>. \u201cIt\u2019s no wonder that residents in legalization states overwhelmingly see legalization as a success.\u201d<\/p>\n
Reform advocates aren\u2019t the only ones interested in seeing how states are approaching the tax side of marijuana legalization. The U.S. Census Bureau also has plans to begin collecting and compiling data on revenue<\/a> that states generate from legal cannabis.<\/p>\n
\nDelaware\u2019s Democratic Governor Reaffirms Opposition To Legalizing Marijuana, Which He Says Can Be A \u2018Gateway\u2019 Drug<\/a><\/p>\n<\/blockquote>\n\n
The post Legal Marijuana States Have Generated Nearly $8 Billion In Tax Revenue Since Recreational Sales Launched, Report Finds<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
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\nRead More: Legal Marijuana States Have Generated Nearly Billion In Tax Revenue Since Recreational Sales Launched, Report Finds<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"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 statesContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1335,18,81],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/47864"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/458"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=47864"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/47864\/revisions"}],"predecessor-version":[{"id":47865,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/47864\/revisions\/47865"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=47864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=47864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=47864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}