In March, Arizona generated more tax revenue from selling marijuana than alcohol and tobacco combined. According to MarijuanaMoment, tax deposits from medical and recreational cannabis reached over $6.3 million in March alone. The tobacco taxes brought in only $1.7 million while alcohol brought in $3.7 million. All these numbers come from the Arizona Joint Legislative Budget Committee and are from March of 2022.
Experts were expecting alcohol taxes to bring in roughly $1.7 million more than it did, and there was no reasoning as to why the numbers were so low. The report also states that in totality, Arizona has brought in $149.7 million in fiscal revenue from marijuana this year.
New JLBC numbers are out.
Tax revenue by industry in March:
Happy 420, Arizona Taxpayers!
— Arizona Dispensaries Association (@az_dispensaries) April 20, 2022
“These numbers are a clear indication that Arizonans have fully embraced legal cannabis… And despite overly constrictive regulation and decades of wrong-headed social policy as barriers, tax revenue far outpaces other recreational categories like tobacco and alcohol.” Said Samuel Richard, executive director of the Arizona Dispensaries Association. “Can you imagine what the fiscal impact would be if the government was a partner in our success, rather than an opponent?” He went on to say afterwards.
The Arizona State Department of Revenue reported earlier this year stated Arizona saw $1.4 billion in cannabis sales during their first year of legalization. These numbers show the support the state has for federal cannabis legalization. With the possibility of legalization in the hands of those in the Senate, we can only sit idly by and hope large reform comes soon.
Read the original article here.