Washington, DC: State and local excise tax collections on retail adult-use cannabis sales surpassed $1 billion in 2018 -- a 57 percent increase over 2017 levels, according to data compiled by the Institute on Taxation and Economic Policy.
Annual excise tax revenues on adult-use cannabis sales ($1.04 billion) rivaled those for all forms of alcohol $(1.16 billion), the group reported. State-specific sales taxes on retail cannabis purchases also yielded an addition $300 million in revenue in 2018.
Authors of the report estimated that cannabis-specific taxes would raise an estimated $11.9 billion annually if the product were legally available at retailers nationwide.
For more information, contact Justin Strekal, NORML Political Director, at: (202) 483-5500. Full text of the report is available online.