Colorado’s medical marijuana sales fell to their lowest point since retail sales began — the latest signal that the state’s once-robust industry is facing headwinds as others crowd the U.S. market and new regulations take hold. In July, the state’s marijuana sales for both recreational and medical were shy of $154 million, according to Colorado Department of Revenue figures, down from nearly $203 million a year earlier. Sales for the calendar year have passed the $1 billion mark. July’s medical marijuana sales reached a little more than $18 million – the lowest monthly number since January 2014, when retail sales were legalized in the state. Recreational marijuana sales fared better at more than $135 million – down from $168 million a year earlier, but higher than the numbers in April, Ma...
Excise taxes for marijuana sold for adult recreational use exceeded alcohol excise taxes for the first time in Massachusetts, reflecting growing marijuana sales that reached $2.54 billion, according to the Cannabis Control Commission. Massachusetts collected $74.2 million in marijuana excise tax through December 2021 — halfway through the fiscal year — compared to $51.3 million in alcohol excise taxes, WCVB-TV reported. The excise tax of 10.75% on recreational cannabis is part of the total tax revenue. There is also a 6.25% state sales tax, plus a local tax of up to 3%. It all added up to $208 million in total tax revenue last fiscal year. Read the rest of this story on BostonHerald.com.
Published: Jan 21, 2022, 4:33 pm • Updated: Jan 21, 2022, 4:34 pm By Meghan Ottolini A 36-year-old Boston man will do time for illegal marijuana dealing and falsifying his taxes after failing to pay more than $150,000 in income taxes. Zachary Sweener, 36, was sentenced to three months in prison and three months of supervised release after pleading guilty to one count of conspiracy to distribute marijuana, one count of possession with intent to distribute marijuana, one count of filing a false tax return and two counts of failing to file tax returns. Sweener will also have to pay $156,457 in restitution. Read the rest of this story on BostonHerald.com.
Colorado marijuana sales in November pushed the industry’s annual revenue to $2 billion for the first time. In November, dispensaries sold $175.1 million worth of products, according to figures released by the Department of Revenue on Tuesday. Recreational sales accounted for about $140.5 million, while medical sales accounted for nearly $34.7 million, the agency reported. While the total is down about 12% compared to the month prior, it was enough to help Colorado hit yet another financial milestone in an already banner year for cannabis. From January through November 2020, consumers purchased slightly more than $2 billion, the Department of Revenue reported. The previous year, dispensaries reached $1.75 billion in annual sales, a record at the time. Read the rest of this story on DenverP...
Published: Nov 16, 2020, 3:16 pm • Updated: Nov 16, 2020, 3:19 pm By Kieran Nicholson A former Aspen businessman sentenced to 12 years in prison has been ordered to pay nearly $2.5 million in restitution to four victims swindled in a black-market marijuana scheme. Scott Pack was sentenced to prison in July by Arapahoe County District Judge Michael Spear under the Colorado Organized Crime Control Act on a first-class drug felony conviction, as well as two counts of securities fraud. Arapahoe County District AttorneyScott Pack Read the rest of this story on DenverPost.com.
Changing the way Massachusetts taxes legal marijuana could produce more revenue for the state, but it could also disrupt the fledgling cannabis industry, a report found. In a report by the Cannabis Control Commission, regulators and state revenue experts considered taxing pot based on its weight or potency, rather than the current price-based tax. Although almost every single alternate tax structure studied in an analysis conducted by KPMG is likely to generate more tax revenue, the CCC determined the relatively small increases would not be worth the hassle. “The Massachusetts adult-use cannabis industry is in a nascent stage. A large-scale change in taxation scheme would cause disruptions that are not worth the potential short-term revenue gain, especially in a market with currently stabl...
Published: May 4, 2020, 4:35 pm • Updated: May 4, 2020, 4:37 pm By Joseph Geha MILPITAS — Despite voting in late 2018 to ban marijuana businesses in the city, the Milpitas City Council will discuss Tuesday whether it should put a marijuana business sales tax measure on the November election ballot. The issue of whether to sanction marijuana business in the city has been contentious. Mayor Rich Tran, who supported the previous ban, suggested at an April 21 meeting that the council take up the conversation on the cannabis sales tax measure, saying he wants local voters to make the choice. Read the rest of this story on MercuryNews.com.
California has raised $1 billion in cannabis tax revenue since the industry kicked into gear in January 2018, according to figures recently released by the state. The bulk of that $1.03 billion in tax money, after covering regulatory costs, has been spent on programs such as child care for low income families, cannabis research, public safety grants and cleaning up public lands harmed by illegal marijuana grows. While industry insiders and advocates are celebrating those numbers, they’re also raising a flag about stagnating revenues and ongoing layoffs. Those hurdles, many say, can be fixed if regulators make key changes, including a seemingly counter intuitive push to lower the state’s cannabis tax rate. Read the rest of this story on MercuryNews.com.
California has raised $1 billion in cannabis tax revenue since the industry kicked into gear in January 2018, according to figures recently released by the state. The bulk of that $1.03 billion in tax money, after covering regulatory costs, has been spent on programs such as child care for low income families, cannabis research, public safety grants and cleaning up public lands harmed by illegal marijuana grows. While industry insiders and advocates are celebrating those numbers, they’re also raising a flag about stagnating revenues and ongoing layoffs. Those hurdles, many say, can be fixed if regulators make key changes, including a seemingly counter intuitive push to lower the state’s cannabis tax rate. Read the rest of this story on ocregister.com.
Gov. Gavin Newsom is recommending a major overhaul to how California regulates its multibillion-dollar cannabis industry, with changes aimed at streamlining oversight and tax collection included in the proposed state budget he released Friday morning. Industry leaders are applauding the proposals, which are expected to ultimately make things easier for licensed businesses to navigate the legal market and compete with illicit operators. “Today’s announcement from the governor marks a turning of the tide,” said Jerred Kiloh, board president for the Los Angeles-based United Cannabis Business Association trade group. Read the rest of this story on ocregister.com.
California’s struggling cannabis industry didn’t get the recommendation many hoped for — a call to sharply lower the industry’s tax rate — but a long-awaited state report did suggest a marijuana tax overhaul. The report from California’s nonpartisan Legislative Analyst Office, released Tuesday, Dec. 17, says lawmakers should ditch the way the state currently taxes marijuana and, instead, tax cannabis at different rates based on its potency. Such a tax structure, the report said, would result in stable revenue and discourage cannabis abuse. The report — the first of its kind since voters legalized cannabis three years earlier — also recommends California quit making licensed cultivators pay a tax based on the weight of marijuana they grow. Read the rest of this story on ocregister.com.
A recent survey of cannabis companies suggests future entry-level employees will see better pay in Denver thanks to a new law that will increase the city’s minimum wage to $15.87 by 2022. Daniel Brenner, Special to the Denver PostBudtender Isaiah Riley assists a customer Thursday, March 28, 2019 at Terrapin Care Station in Aurora. At least one operator is ahead of the curve. Boulder-based Terrapin Care Station this month announced it was establishing a company-wide $15 minimum wage, a figure that will outpace Denver’s incremental increases for the next two years. Read the rest of this story on DenverPost.com.