JUSHF - States brought in $3.8B in marijuana tax revenues in 2022
2023-05-01 14:27:58 ET
Although states where marijuana is legal brought in ~$3.8B in tax revenue in 2022, that was a slight decrease from the prior year, the first time that has happened.
In 2021, states raked in ~$3.9B in cannabis tax revenues, according to a new report from the Marijuana Policy Project.
The decline is a bit surprising considering adult-use cannabis sales became reality in additional states in 2022, such as New Jersey and New Mexico.
While the report attributes the decline to several factors, one of them is COVID related.
Recreational cannabis sales surged in 2020 and 2021 as COVID lockdowns meant people spent more time at home and less on going out for meals, travels, and the like, MPP argues. As COVID subsided and people spent their money in other discretionary ways, spending on recreational marijuana suffered.
Between 2014 and 2022, states have cumulatively brought in more than $15.1B in marijuana tax dollars.
In 2022, California was the state with the highest revenue , with ~$1.1B. Illinois came in second place with ~$562.1M in revenue. And in third was Washington State at $529.4M.
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States brought in $3.8B in marijuana tax revenues in 2022