420 with CNW — Forecasts Show States Will Earn Higher Tax Revenues from Cannabis in 2021

August 16, 2021 03:25:08

Over the past few years, America’s state legal cannabis sector has proven to be both resilient and lucrative. As one of the few industries declared essential during the onset of the coronavirus pandemic, cannabis saw increased sales month over month, providing states with much needed tax revenue at a time when their coffers were running low. More than a dozen states have already legalized recreational marijuana, and this year alone has seen New York, New Mexico, Virginia, and Connecticut pass adult use legislation, bringing the total number of states with recreational markets to 19.

As these recreational cannabis markets mature, experts predict that states will earn higher tax revenues thanks to increased sales. In 2020, California plus Colorado earned the most excise tax revenue from cannabis, earning $526 million and $307 million, respectively. According to projections for 2021, California and Colorado are expected to collect an estimated $757 million and $411 million…


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