Minnesota’s Hemp-Derived THC Sales Surge, Projecting $7 Million Annual Tax Boost
Minnesota has witnessed a significant revenue surge from the sales of hemp-derived THC gummies, edibles, and beverages, tallying around $6 million in sales.
The Department of Revenue reported collecting $594,000 from 571 businesses in July, marking the first month of tax collection with the potential for increased revenue pending late filings.
With the recent legalization of recreational marijuana and the implementation of a 10% tax, the state anticipates a consistent yearly windfall of new tax revenue, while dispensaries on non-tribal lands are slated to open in 2025.
Rep. Ilhan Omar endorsed the legalization of adult-use cannabis in Minnesota, advocating for justice reform and economic growth driven by a potential $1.5 billion in tax revenue, all while emphasizing its role in addressing historical inequalities.
Mississippi Medical Cannabis Retail Sales Surpass $4.4 Million in July, Sustaining Growth Trend
Medical cannabis retailers in Mississippi achieved $4.4 million in sales during July, marking a 15.3% increase from June, continuing a steady upward trajectory since the state’s MMJ retail launch in January, according to state data.
Despite challenges like local opt-outs and product limitations, the medical marijuana program has thrived, with sales totaling $15.7 million since its inception.
Mississippi’s medical cannabis market showed resilience even after initial setbacks caused by legal challenges, eventually leading to the implementation of the Mississippi Medical Cannabis Act in early 2022.
Is Maryland Using Wells Fargo Collaboration To Shield Cannabis Tax Revenue From Federal Scrutiny?
Maryland has reportedly found an approach to potentially avoid directly identifying marijuana tax revenue on financial documents.
This workaround would involve collaborating with Wells Fargo WFC and using alternative language such as ‘A sale subject to the 9 percent rate under Senate Bill 516 of 2023’ to describe the revenue source, which is said to be an effort to protect the bank due to federal regulations.
The enactment of Senate Bill 516, imposing a 9 percent tax on adult-use marijuana sales, has allegedly led to a substantial revenue boost, anticipated to be even more pronounced in late October. Initial reports indicate a noteworthy surge in the first month of legal sales, surpassing $87 million.
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Photo by Ernie Journeys on Unsplash.
