 The Tax Policy Center released information on tax revenue received from cannabis, and the numbers are impressive.
Both Colorado and Washington states received more tax revenue from cannabis sales than they did from alcohol or cigarettes in Fiscal Year 2022. There were eight more states who’s cannabis tax revenue outpaced cigarettes, but not alcohol. And one more state who brought in more tax money from cannabis than alcohol. There have been many single-month reports of cannabis surpassing alcohol and or cigarettes in tax revenue received, but this report is of note because it covers a much longer period, showing strength over time. Those numbers are only expected to grow. The report wrote, “Broadly speaking … a state can collect a significant amount of revenue from marijuana taxes and that collection should mostly increase over time.” This type of data definitely underscores the financial opportunities legalization offers. But it also indicates the that some people are potentially ‘switching’ from alcohol and cigarettes to cannabis. A study published earlier this year found that marijuana legalization is associated with decreased use of alcohol, nicotine and non-prescription opioids among young adults. That rings true with a couple recent polls that found that more Americans think people would be better off using cannabis than alcohol. Comments are closed.
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