The Joint Blog: Report: State and Local Cannabis Tax Revenue Jumps 58%, Surpassing $3 Billion in 2020
media mentionAccording to a new report conducted and released by the Institute on Taxation and Economic Policy, tax revenue from state-legal marijuana sales rose significantly in 2020 to surpass $3 billion.
“Powered by an expanding legal market and a pandemic-driven boost in cannabis use, excise and sales taxes on cannabis jumped by more than $1 billion in 2020, or 58 percent, compared to a year earlier”, states the report. “In total, these taxes raised more than $3 billion last year, including $1 billion in California alone.”