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The Hidden Cost Of Legal Weed: Why Marijuana Taxes Are Hitting Your Wallet Harder Than You Think
Wednesday, November 27, 2024 - 5:11pm | 709As cannabis sales soar in states with legal markets, excise taxes have emerged as a crucial factor shaping the industry. Unlike tobacco, cannabis remains free from federal excise taxes but faces significant state-level levies. The structure and scope of these taxes vary widely, often influencing...
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Colorado's Marijuana Sales, Tax Revenue Slump Amid Hemp Competition
Thursday, November 21, 2024 - 8:30pm | 704Colorado's cannabis industry is facing a steep decline in sales and tax revenue, falling to levels below 2018 figures. Tax collections from marijuana sales peaked at $424 million during the 2020-21 fiscal year but plummeted 41% to $248 million in 2023-24. Hemp THC Sales Bypass Cannabis...
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Your CPA Called: Here's What The IRS Should Know About Cannabis Businesses
Tuesday, October 29, 2024 - 10:16am | 490With tax season approaching, CPAs are calling on the IRS to prepare for potential changes impacting cannabis businesses. The American Institute of CPAs (AICPA) recently submitted recommendations to the U.S. Treasury and IRS, highlighting areas where guidance is needed to clarify tax obligations for...
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East Vs. West Coast Cannabis: Is Your State Is Winning The $25B Race?
Wednesday, September 18, 2024 - 9:50am | 520While some U.S. states are seeing substantial growth in cannabis sales, driven by expanding markets and increased consumer demand, others are facing declines due to factors like strict local regulations, market saturation and high tax rates. The cannabis industry remains dynamic, with both new and...
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Can Legal Weed Reshape The Federal Budget? Cato Institute Looks At Impact On Taxes And Fed Spending
Thursday, August 15, 2024 - 9:33am | 707An analysis by the Cato Institute, a U.S. think tank headquartered in Washington, D.C., reveals how the federal legalization of cannabis could significantly transform the U.S. federal budget landscape. Authored by Alex Brill, Brian J. Miller and Stan Veuger, the research presents a detailed...
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North Carolina's First Weed shop To Open This Summer, 48 New Cannabis License Winners In Missouri And More Marijuana Reg Updates
Friday, June 7, 2024 - 4:04pm | 84248 New Cannabis Winners In Missouri’s Second Lottery Round Missouri's second round of the cannabis licensing lottery elected 48 applicants to obtain cannabis microbusiness permits, out of 2,000 applicants who applied between April 15-29. This was the second random lottery drawing out of...
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Legal Cannabis States Raked In $20B Since 2014, Peaking At $4B In 2023, New Report Shows
Wednesday, May 8, 2024 - 4:11pm | 811Marijuana Policy Project (MPP) released a comprehensive report showing that states with legalized adult-use cannabis have collectively generated over $20 billion in tax revenue through the first quarter of 2024. This revenue has been instrumental in funding essential public services and fostering...
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New Mexico Government Puts Pressure On Cannabis License Holders Who Dodge Their Tax Bills
Thursday, October 26, 2023 - 2:25pm | 630Over a hundred cannabis license holders in New Mexico haven't paid their tax bills, reported Green Market Report, citing the state Department of Taxation and Revenue's recent announcement. According to an official statement the agency issued on Wednesday, 80 individuals who hold marijuana...
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Why Do Cannabis Companies Pay So Much Tax? Blame A Drug Dealer From The 70's
Wednesday, June 21, 2023 - 4:21pm | 1536This 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,...