Colorado Just Became The First State In History To Collect More Taxes From Marijuana Than Alcohol

Colorado Just Became The First State In History To Collect More Taxes From Marijuana Than Alcohol

COLORADO: No state has ever generated more tax revenue from marijuana than alcohol—until now. The Colorado Department of Revenue, according to recently released figures, just brought in $70 million in taxes relating to marijuana, compared to less than $42 million for alcohol taxes, over the course of a year. This Wednesday, Colorado is declaring a marijuana Read the full article…

Cities Argue For A Bigger Share Of Pot Tax Revenue

"Somebody else thought they knew how much we were going to need," says Scott Winkels, lobbyist with the League of Oregon Cities.

WASHINGTON: When voters in four U.S. states — Colorado, Washington, Alaska and Oregon — approved recreational marijuana sales, part of the appeal was the promise of a new revenue source to buoy cash-strapped cities and states. But tensions are growing in those four states over how the tax rewards from pot sales should be divided. Read the full article…

Newly Released Public Records Uncloak Lobbying Campaign To Re-Direct Marijuana Tax Revenue To Washington Cities

With Oregon's recreational market about to come online, the bill could have particular implications for border counties such as Clark County.

WASHINGTON: Washington state’s legal cannabis landscape is now dotted with cities that have banned or placed moratoriums, via zoning laws, on marijuana businesses that were authorized under a statewide referendum approved by voters in November 2012. Some 40 percent of Washington’s 281 cities have now gone that route, preventing legal marijuana businesses from operating in their communities. A Read the full article…

Marijuana Tax Millions? Hallucinations Up In Smoke, Yet Feds Propose 50% Federal Tax Too

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COLORADO:  Excited Coloradans thought legalizing marijuana would mean huge tax revenues. They were hardly alone. Nationwide, with medical marijuana, and especially with recreational, the drum beat has been about money, jobs, real estate upticks, and spillover effects into many fields. The loudest cries of all have been about needed tax revenues that could achieve so Read the full article…

IRS Advisory Council OKs Marijuana-related Businesses For Accountants

"With over 20 states allowing medical marijuana and now states beginning to legalize recreational marijuana, this industry needs qualified, ethical professionals to help them fulfill their income tax obligations." IRSAC concluded, "...tax professionals need reassurance regarding their own roles in giving tax advice to and preparing tax returns for such businesses."

DISTRICT OF COLUMBIA: On Wednesday the IRS Advisory Council (IRSAC) released a report making a number of observations and recommendations to the Internal Revenue Service and federal policy makers relating to the need for greater latitude and legal protections (under the current federal anti-marijuana laws) for tax professionals who choose to work for clients who are in Read the full article…

State Pot Sales Top $14 Million, Tax Revenue Hits $3.5 Million

Between the product itself, food munchies, and paraphernalia, the average 4/20 consumer is expected to spend $146.12 this Friday, with $71.35 of that going toward the actual product

WASHINGTON:  Retail marijuana sales in Washington have edged above $14 million since the first store opened just over two months ago. Total sales for the 10 weeks through Monday, Sept. 15, totaled $14,050,206, the state Liquor Control Board reported Tuesday. From that total, the state counts excise taxes of $3,512,551. In Colorado, the first state Read the full article…

Colorado’s Marijuana Sales Are Skyrocketing

With such promising numbers and a continuing upward trend in sales, the legalization of recreational marijuana has had a positive effect on Colorado’s economy.

COLORADO:  It hasn’t been long since Colorado officially legalized marijuana, and within a short time period, marijuana sales are already flourishing. According to the Colorado Department of Revenue, in March alone, retail taxes on recreational marijuana reeled in $1.898 million to the Colorado government. After adding in medical marijuana sales tax and licenses, the first three months Read the full article…

North Carolina Legislator Introduces Bill To Legalize Medical Marijuana

The main groups representing Canadian doctors have declared they will not participate in Health Canada's upcoming anti-drug campaign targeting young people.

NORTH CAROLINA: A local lawmaker filed a bill to allow the use of medical marijuana.Rep. Kelly Alexander (D-Mecklenburg) is behind the legislation.“Cannabis is a substance that does have medical applications that are provable,” Alexander said.Alexander said hearing about people who struggle with chronic pain, specifically veterans, is a big reason for his push. He also said the Read the full article…

Colorado Legislators Take It Slow On Pot Spending

But the Joint Budget Committee wants to wait to spend marijuana taxes the year after they are collected. That would leave the state with just $20 million to spend in the budget year that starts in July.

COLORADO:  Legislators proceeded cautiously Tuesday when deciding how to spend marijuana tax money, the state’s biggest and most volatile new source of revenue. Gov. John Hickenlooper has asked for $54 million in spending from marijuana taxes in order to fund law enforcement, anti-drug programs and health care for substance abusers. But the Joint Budget Committee Read the full article…

Legalizing Marijuana Would Reap Millions Of Dollars For RI

TThough it’s still several steps away, Assembly members are proposing to eventually tax marijuana retail sales at five percent.

RHODE ISLAND: A report from OpenDoors, a non-profit in Silver Lake that serves those formerly in prison and their families, predicts that the legalization and regulation of marijuana in Rhode Island could generate $21.5 million to $82 million in annual tax revenues. The estimated tax revenue was included in the study,“Estimated Effects of the Tax and Read the full article…