Cannabis Tax Revenues On The Rise Across The Western U.S.February 5, 2019
The opportunity to raise significant tax revenues from cannabis continues to be a key selling point for proponents of recreational sales. Last year, a number of Western states where cannabis has been legalized for recreational use posted strong revenue increases.
In the 12 months through November, Washington state collected $369 million in tax revenues from cannabis, up 8.3% year-on-year, while Nevada posted revenues of $85.2 million in its first full year of legal sales. Growth was also strong in Colorado, where revenues rose 7.7% in calendar 2018 to $267 million, and in Oregon, where they jumped 39% to $109 million. Meanwhile, in its first year of legal recreational sales, California reported cannabis tax revenues of $234 million in the nine months through September.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.