Marijuana Policy Project (MPP) released a comprehensive report showing that states with legalized adult-use cannabis have collectively generated over $20 billion in tax revenue through the first quarter of 2024. This revenue has been instrumental in funding essential public services and fostering economic development across the country.
Record Revenues: Analyzing Structures And Impacts Of State Cannabis TaxesAccording to the report, 2023 was a record-breaking period for cannabis tax revenue, with states accumulating more than $4 billion from adult-use cannabis sales alone – the highest in any single year.
The report comprehensively analyzes each state’s tax structure and its effectiveness in leveraging the economic benefits of cannabis legalization. It provides a detailed breakdown of tax revenue, including both excise taxes specific to cannabis and standard sales taxes applicable to cannabis sales. Notably, the report excludes revenue from medical cannabis, focusing strictly on adult-use markets.
https://Benzinga.com