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Cannabis Sales Have Generated Over $20 Billion In Tax Revenue For States, Report Shows

WASHINGTON, D.C. – A new report illustrates the economic benefits of legalized marijuana sales for state tax revenues across the nation.

The data released by the Marijuana Policy Project showed that since legal, adult-use cannabis sales began in 2014, states have reported a combined total of more than $20 billion in tax revenue.  That total is through the first quarter of 2024.

Last year, states where cannabis was legalized took in over $4 billion in cannabis tax revenue from adult-use sales.  The total represents the most revenue generated by cannabis sales in a single year.  States are using the money to bolster their budgets and fund important services and programs, the report’s authors said.

“With over $20 billion generated in adult-use cannabis tax revenue since the first sales began, the legal cannabis industry is providing much-needed funding for crucial services and programs in states across the country,”  said Karen O’Keefe, director of state policies at the Marijuana Policy Project. “Additionally, the implementation of adult-use cannabis markets has spurred significant job growth, creating hundreds of thousands of new employment opportunities, along with thousands of new small businesses.”

Cannabis possession for adults 21 and older is now legal in 24 states, nearly all of which have regulated and taxed cannabis sales. Medical cannabis sales are now legal in 38 states, though the report does not track the tax revenue from those sales.

MPP’s report reviews each legalization state’s adult-use cannabis tax structure, population, and year-by-year adult-use cannabis tax revenue.  The report broke down the tax revenue from 2023 by state:

-Alaska: $28,097,114
-Arizona: $257,929,322
-California: $1,082,452,368
-Colorado: $256,756,467
-Connecticut: $24,613,367
-Illinois: $552,166,729
-Maine: $35,593,347
-Maryland: approximately $29,880,000
-Massachusetts: $263,488,752
-Michigan: $473,303,560
-Missouri: $105,941,225
-Montana: $51,636,106
-Nevada: $178,135,259
-New Jersey: $45,083,223
-New Mexico: $67,440,312
-New York: approximately $21,000,000
-Rhode Island: $12,621,982
-Oregon: $148,133,667
-Washington: $532,516,060
-Vermont: $21,642,857
Overall Total: approximately $4,188,431,717

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