ALASKA: Struggling with the prospect of handling millions of dollars in cash from commercial marijuana businesses, Alaska’s Department of Revenue is holding three brainstorming sessions to get ideas for how to handle the influx of taxes in an industry shut off from basic banking practices.
“It’s an uncharted territory. … We don’t have any precedent to go off of, really,” said Claire Lettow, regulations specialist for the state Tax Division.
Since marijuana remains illegal federally, Alaska’s financial institutions so far aren’t opening their doors to commercial businesses. That means, like other states that have legalized recreational marijuana, businesses will be dealing in cash. Potentially a lot of cash.
Alaska’s Department of Revenue estimates that it will take in between $5.1 million and $19.2 million in tax revenue from commercial marijuana in 2016.