The Marijuana Policy Project (MPP) released a report on May 1 with data regarding cannabis tax revenue generated by states with legalization. Between 2014 and the end of 2022, the report shows that states had collected over $15.1 billion in tax revenue.
According to MPP President and CEO Toi Hutchinson, states with legalization are seeing great benefits from cannabis sales. “States that have made the decision to legalize and regulate cannabis are benefiting from hundreds of millions in tax revenue each year,” Hutchinson said in a press release. “These new streams of revenue are helping to fund crucial social services and programs across the country, such as education, alcohol and drug treatment, veterans’ services, job training, and reinvestment in communities that have been disproportionately affected by the war on cannabis. The states that lag behind will not only be doing a disservice to their constituents—they will also be leaving money on the table.”
Tax revenue from 2022 alone showed more than $3.77 billion collected, which was actually the first year that total state cannabis tax revenues decreased in comparison to 2021 with $3.86 billion. Even with seeing mature cannabis states collecting a decreased amount in cannabis tax revenue and newer states collecting an increased amount, MPP notes that the numbers are influenced by sales comparisons from the pandemic. “It is important to note that while ’22 figures were down from ’21 in more…
MMP News Author
Source link
