It has been just over six months since Nevada began selling legal recreational cannabis, and sales continue to surpass the Silver State’s projections.
Tag Archives: Excise Tax
SACRAMENTO, Jan. 17, 2018 /Weed Wire/ – The California Department of Tax and Fee Administration (CDTFA) has produced a three-part video series to help individuals who operate cannabis-based businesses learn about their tax responsibilities.
A video for California retail businesses, one of three in a series by the California Department of Tax and Fee Administration, to help retailers learn about their tax responsibilities.
A video for California distribution businesses, one of three in a series by the California Department of Tax and Fee Administration, to help distributors learn about their tax responsibilities.
Tax revenue from Nevada’s fledgling marijuana industry continues to climb. On Dec. 20, 2017, the Nevada Department of Taxation reported that marijuana sales brought in approximately $5.8 million in tax revenue in the month of October.
It looks like Nevada cannabis sales are still ranking high for the recreational market. The Nevada Department of Taxation released the state’s results for recreational cannabis sales for the month of September, and the data proves that sales are still going strong.
Alaska’s cannabis tax revenue continued a steady climb upward in September, with $723,757 collected statewide, according to a state official.
Canada is proposing a federal excise tax on marijuana to help ease the path to legalizing the drug, Prime Minister Justin Trudeau said on Tuesday, drawing a cautious response from provinces that would oversee the process.
As public support for legalization rises, policymakers are left to figure out the proper way to handle marijuana taxes if their state follows the trend.
The low projection in tax revenue signals an administration belief that little will change in the coming months even as the state Department of Health works to expand access for patients, which should, in theory, bring in new revenue.
Medical marijuana patients in California are getting a tax break, and that could mean less money for the state’s coffers. The Board of Equalization recently notified users they do not have to pay sales tax on medical pot if they have both a recommendation from a doctor and the appropriate identification card.
In California, analysts are saying the state could see $1 billion in tax revenue from marijuana when a new legalization law becomes effective in 2018, according to an article in the International Business Times. The recently approved Proposition 64 prescribes a 15 percent excise tax on adult-use and medical marijuana.
On July 12, 2016, the Los Angeles County Board of Supervisors voted 3-2 to place an initiative on the November ballot that would levy a 15 percent excise tax on marijuana and use the proceeds to help fight chronic homeless.
Weekly CannaBit for the week of August 3, 2015: New Frontier analysts have charted Washington state’s sales and excise tax from July 2015 – June 2015.
Democratic Rep. Melissa Sargent introduced a new bill this week that would put Wisconsin alongside Alaska, Colorado, Oregon, and Washington as a state that has legalized adult-use marijuana.
On Friday, April 10, 2015, the Washington state House of Representatives voted to approve a controversial bill, SB 5052, aimed at reforming the state’s medical marijuana industry.
The first several months of legal marijuana sales in Washington were rife with issues and chief among them was its marijuana shortage.