A 3% tax on cannabis retailers was approved by a Cook County panel is expected to be approved by the full Board of Commissioners meaning taxes on some pot products in Chicago could exceed 41% by the summer. That 3% would be in addition to the city’s 3% planned tax and state excise taxes of […]

The California Department of Tax and Fee Administration (CDTFA) announced yesterday that it plans to raise taxes on the legal cannabis industry once again. Increasing cannabis tax rates is considered to be another blow to an industry that is currently facing an economic downturn in a depressed market. See the original article on Forbes

A newly passed bill allows Californian cannabis providers to gift certain products away to certain people without paying California cultivation and excise taxes, which can exceed 25%. Gifting joints or edibles to sick people who, being sick, couldn’t afford to buy — and couldn’t find relief anyway else besides someone else’s compassion — was central […]

The federal legalization of cannabis could help reduce America’s staggering debt while also creating millions of jobs, according to a new report. In their new report, Cannabis in the US Economy: Jobs, Growth and Tax Revenue, 2019 Edition, New Frontier’s analysts predict that a flat 15 percent federal sales tax on all legal weed sales could bring in $73.7 […]

When cannabis advocates in California began selling the idea of establishing a taxed and regulated pot market one of the critical points was throwing a chunk of the tax revenue at after school programs. In fact, the language on the ballot specifically showed that the state’s publicly funded After School Education and Safety (ASES) programs […]

Colorado’s total tax and fee revenue from the sale of legal marijuana has exceeded $1 billion since the state legalized the drug in 2014. Total marijuana sales within Colorado have passed $6.56 billion since legalization, with the state collecting more than $1.02 billion in taxes, licenses and fees, the state’s Department of Revenue said. Currently, […]

California lawmakers have announced a bill that would reduce cannabis excise taxes and eliminate cultivation taxes. Assembly Bill 286, if approved, would reduce the excise tax on cannabis goods from 15 percent to 11 percent. A three-year cultivation tax for growers would also be completely eliminated. California’s cannabis customers sometimes pay taxes accounting for up to 45 […]

Last year the IRS received around $4.7 billion in taxes from cannabis businesses in the United States. And the vast majority of those payments were made with cash, since around 70 percent of U.S. cannabis companies don’t have access to banks which are required to pay either electronically or through check. Apparently, cash payments are a huge […]

Representatives of the cannabis industry are ramping up their lobbying efforts on Capitol Hill, urging lawmakers to take action on taxes that affect their industry. The main request in meetings with members of Congress this week: overturning a regulation that prevents legal cannabis companies from deducting operating expenses. Members of the industry have been disappointed […]

As the residents of Colorado are about to find out, legal pot pays. The decriminalization of marijuana in the Centennial State has been so successful that every Colorado adult is in line to receive a $7.63 refund, Associated Press reports (via High Times). Residents may be eligible for the refund due to the economic stimulus […]

The IRS says it is following the law by not allowing the 2,500 medical marijuana dispensaries in the country, who pay taxes to local, state and federal governments, the same federal tax breaks that other small businesses can claim. Although 20 states and D.C. have legalized medical marijuana, the IRS still applies federal tax code […]