cannabis taxes Archives

Oregon Made Over $8 Million in Taxes From Legal Marijuana Sales in September

November 25, 2018 by Anthony Martinelli

In September those in Oregon purchased enough marijuana legally for the state to earn over $8 million in tax revenue.

More precisely, Oregon made $8,054,422 in marijuana taxes in September, according to new data released by the Oregon Department of Revenue. Although this is lower than the record setting $10.1 million made in August, it represents a an 8% increase from the $7.4 million garnered in September, 2017.

Of the $8 million in marijuana taxes made in September, roughly $6.9 million came from the statewide marijuana tax (17%), with the remaining $1.1 million coming from local taxes (up to 3% per locality).

Washington State Garners Over $300 Million in Taxes from Marijuana Sales in FY 2017

July 5, 2017 by Anthony Martinelli

Washington has garnered over $300 million in taxes from legal marijuana sales in fiscal year 2017.

This is according to data from the Washington State Liquor and Cannabis Board (WSLCB). In total the state has earned $304,968,332 in fiscal year 2017, which began on July 1, 2016 and ended on June 30. These taxes come from $1.32 billion in legal marijuana sales (all of this is as of June 20, meaning the total numbers for FY 2017 will end up slightly higher).

By comparison, there was $786 million in total marijuana sales, resulting in $185 million in taxes, in FY 2016. In FY 2015, the first fiscal year with legal cannabis sales, $64.8 million in taxes was garnered from $259 million in sales.

Washington State Garnering Nearly $1 Million in Daily Taxes from Legal Marijuana Sales

March 26, 2017March 26, 2017 by Anthony Martinelli

Washington State’s legal marijuana market continues to grow, with daily marijuana sales surpassing $4.8 million.

The daily average of $4.82 million in legal marijuana sales – a new high – garners the state roughly $910,000 in daily taxes. This is according to data collected by the state’s Liquor and Cannabis Board. According to the board, 490 retail licenses and 974 producer/processor licenses have been distributed throughout the state.

So far in fiscal year (FY) 2017, which began on July 1st, there has been $1,181,675,336 in legal marijuana sold, resulting in $220,980,590 in taxes. This has already topped the total sales ($972,729,675) and taxes ($185,786,493) for FY 2016.

Daily Marijuana Sales Reach $4.6 Million in Washington State, New High

March 6, 2017 by Anthony Martinelli

There is now over $4.6 million in legal marijuana sold each day in Washington State.

The daily average of $4,611,558 worth of marijuana sold results in over $800,000 in daily tax revenue for the state. This comes out to a monthly average of $138 million in marijuana sold, and over $25 million in taxes garnered.

In 2016 there was a over $1.4 billion in legal cannabis sold in Washington State, which resulted in over $250 million. This total was slightly higher than the $1.3 billion worth of legal cannabis sold in Colorado in 2016, which garnered the state almost $200 million in taxes.

Oregon has Garnered Over $54 Million in Cannabis Taxes in 2016

December 14, 2016 by Anthony Martinelli

In its first year of legal cannabis sales, Oregon has so far garnered over $54 million in taxes.

In total the state has garnered $54,506,832 in taxes from cannabis sales as of November 30th; this is according to data released by the state’s Department of Revenue.. Although this number is impressive, it’s expected to be much higher next year, given the market’s rapid expansion and the fact that designated cannabis retail outlets didn’t open until October; for example in January the state collected $2.5 million in cannabis taxes, which rose to over $7.8 million in October.

Oregon: Over $25 million in Taxes Earned in First Six Months of Legal Cannabis Sales

August 22, 2016August 22, 2016 by Anthony Martinelli

In the first six months of legal recreational cannabis sales in Oregon, the state has already garnered $25.5 million in taxes, putting the state on track for over $50 million for the first year.

The numbers are based on data released by the Oregon Department of Revenue. Currently only medical cannabis dispensaries are selling recreational cannabis – with a 25% tax at the point of sale (medical cannabis is tax free) – though that will change next year when licensed cannabis retail outlets open; at that point dispensaries will go back to selling exclusively to patients.

Report: If West Virginia Legalized Cannabis, State Would Get Tens of Millions in Annual Taxes

August 18, 2016 by Anthony Martinelli

A new report conducted by the nonprofit West Virginia Center on Budget and Policy has found that West Virginia would get tens of millions of dollars in new taxes each year if they were to legalize cannabis for recreational purposes.

According to the report, if cannabis were legalized with a tax of 25% of its wholesale price, the state would garner an estimated $45 million in new taxes each year from residents. a 15% tax would garner the state less, but still a significant sum; $26.8 million.

The report estimates that if just 10% of those who living within a 200-mile radius of West Virginia came to the state to legally purchase cannabis, the state would garner an additional $194 million in taxes at a 25% rate; they would garner $116.5 million at a 15% tax rate.

Colorado: Over a Quarter Billion Dollars in Legal Cannabis Sold in First 3 Months of 2016

May 12, 2016 by Anthony Martinelli

There was over $270 million in legal cannabis sold in Colorado in the first three months of the year, according to the state’s Department of Revenue. At this rate, there will be roughly $1.1 billion sold throughout 2016, an $100 million increase from 2015, and a $400 million increase from 2014.

In March, the most recent month where sales data is available, there was $55 million in recreational cannabis sold, and $33 million in medical cannabis sold. This marks a 30% increase from March of last year.

Oregon: $3.5 Million in Taxes Garnered During First Month of Taxed Cannabis Sales

March 18, 2016 by Anthony Martinelli

February was the first month for Oregon cannabis dispensaries to remit the taxes they collected on their previous month’s recreational cannabis sales. In total, the state garnered nearly $3.5 million in taxes.

“Between February 1 and March 4, we posted 253 estimated marijuana tax payments to our system, totaling $3.48 million”, the Oregon Department of Revenue said in a Thursday press release. “Of those payments, 137 were made by appointment and 116 were made by mail. There were 309 dispensaries selling recreational marijuana products in January, according to the Oregon Health Authority.”

Over $2.3 Million in Legal Recreational Cannabis Sold Each Day in Washington State

January 15, 2016 by Anthony Martinelli

There is over $2.3 million in legal recreational cannabis sold each day in Washington State, according to new data released by the state’s Liquor and Cannabis Control Board.

In total, there has been $446 million in legal cannabis sold in fiscal year 2016 (which began on July 1, 2015), resulting in roughly $85 million in taxes for the state. In this fiscal year, there has been over 48,000 pounds of usable cannabis sold, in addition to over 3 million grams of extracts sold, and over 1.1 million cannabis edibles sold.