Alaska Garnered Over $11 Million in Taxes from Legal Marijuana Sales in FY 2018
According to data released by the Alaska Department of Revenue, the state earned over $11 million in taxes from the sale of marijuana and marijuana products in FY 2018.
In total, Alaska made $11,094,808 in tax revenue from marijuana sales during FY (fiscal year) 2018. This surpasses the Department of Revenue’s predictions for the year by around $2 million.
The highest earning month for FY 2018, which began on July 1, 2017 with the final day being June 31 of this year, was June with $1,257,513 in marijuana taxes brought in. The lowest month was July at $577,901.
In Alaska, marijuana was legalized through a citizen’s initiative in 2014, with those 21 and older allowed to purchase, possess and use up to an ounce (with the possession limit rising to four ounces when in a private residence). The state’s first licensed marijuana retail outlet opened nearly two years later in October, 2016.
Under the state’s law, marijuana is taxed at $50 per ounce for bud, and $15 per ounce for leaves and other trimmings.
