Minnesota Collects First Month of Cannabis Tax

Minnesota Collects First Month of Cannabis Tax

 Cannabis derived taxes are politically popular and have nudged many skeptical lawmakers to accept cannabis legalization in their state.  States like Illinois generate hundreds of millions of dollars from recreational MJ sales, California rakes in over $1 billion annually.  New York’s emerging cannabis market is also expected to eventually yield over $1 billion annually.

Minnesota’s new cannabis tax took effect on July 1, and includes hemp-derived edibles and beverages.  Revenues from this category are much lower than expected with the first month bringing in $594,461 from the associated 10 percent sales tax. 

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