Cannabis Taxes

In this week's cannabis sales and taxes update, Rhode Island, Michigan and Connecticut take center stage as the legal cannabis industry undergoes significant transformations. As of the latest available data, these states have witnessed noteworthy developments. See Also: $43B U.S. Cannabis...

In September 2023, cannabis sales figures from various U.S. states offered a compelling snapshot of the evolving landscape of legal cannabis markets. See Also: Cannabis Sales Trends: August 2023 Updates From New Mexico To Colorado Connecticut Connecticut's cannabis market has reported...

Ryan Richmond, former owner of Relief Choices, LLC, a Michigan marijuana dispensary, has been found guilty of tax evasion and obstructing the IRS. IRS: Over $1 Million In Lost Tax Revenue The U.S. Department of Justice revealed that Richmond concealed gross receipts by paying operating expenses in...

The Department of Health and Human Services (HHS) suggested the DEA reclassify cannabis as a Schedule III controlled substance under federal law. Assistant Secretary for Health Rachel Levine's letter triggered a much-needed rally in cannabis stocks. In a recent analyst note, a...

A recent ruling in Cass County has sparked debates in Michigan's cannabis industry over its eligibility for agricultural tax benefits. Agricultural Exemptions Amid Education Funding The state's education funding relies on diverse sources including sales, tobacco taxes and lotteries....

Maryland's Allure In Maryland, the recreational cannabis market hit the ground running, amassing $87.3 million in July sales. While this marks a significant boost from previous medical sales, it also reflects the broader trend of robust initial sales observed in many newly launched markets....

Governor Janet Mills (D) signed cannabis-related legislation last week enabling licensed operators to take state tax deductions. What Happened: By signing the legislation LD 1036 sponsored by Democratic Senator Teresa Pierce, the governor gave a green light to a workaround to...

Section 280e of the Internal Revenue Code has emerged as an unexpected catalyst, potentially injecting a staggering $700 million boost into cash flow for major cannabis companies. The cannabis industry has faced numerous challenges, including falling prices, excessive debt and stagnant sales...

This is a story from Jeremy Berke's "Cultivated" newsletter. Subscribe now so you don't miss the next one. Cannabis companies pay a heavy tax burden. If you run one, or are employed by one, you already know this. But just how much extra tax do cannabis companies pay? Well,...

Canada's licensed cannabis producers are facing a dire financial crisis as their unpaid federal excise tax skyrockets. In the most recent fiscal year, the outstanding tax debt owed by these struggling companies has more than tripled, reaching an alarming CAD 192.7 million ($141.2 million...

In a stunning display of the financial potential of legal cannabis, states across the U.S. have collected a combined total of more than $15.1 billion in tax revenue from adult-use cannabis sales since 2014. As the Marijuana Policy Project's (MPP) latest report reveals, 2022 alone saw over $3.77...

Washington Cracks Down On Cannabis Businesses Over Pesticide Use The Washington State Liquor and Cannabis Board has temporarily shut down several outdoor cannabis farms and processing facilities in north-central Washington after tests showed high levels of chemicals related to DDT, a pesticide that...

A new ruling from the New Jersey Supreme Court sheds light on marijuana laws as they relate to diversionary programs. It seems that people who avoided conviction for minor drug offenses via a diversionary program for first-time offenders before state lawmakers decriminalized cannabis...

Jerry Garcia was the lead guitarist, vocalist and main songwriter for the Grateful Dead, the most successful touring band in rock and roll history. He was also one of the best-known weed advocates and consumers in California’s history.  Garcia’s family...

Cannabis dispensaries, cultivators, laboratories and producers have paid more than $109 million in excise taxes and fees over the course of fiscal year 2019, breaking the $100 million mark for the first time. Taxes alone amounted to $99.18 million, up from $74.7 million last year. While the state...