Thursday, July 7, 2022

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U.S. Census Bureau Curious About How Effective Marijuana Taxes Have Been

As we’ve all suspected, marijuana wouldn’t become legal on a federal level until the government would be convinced of it being a successful source of revenue. And today, the wheels are getting set into motion.

Each year, the Census Bureau tracks tax data in each state, separated into categories. Along with sports betting data, they’ll also start collecting information on marijuana taxes implemented in the states in which it’s legal.

Speaking on the new data, the Bureau says the marijuana tax data along with other topics will “modernize the survey’s content to maintain the relevancy and sustainability of these data.”

Marijuana Moment spoke to the media relations director for the National Cannabis Industry Association about the change. “On its face, I think this is a pretty good indicator that federal agencies are beginning to recognize that the cannabis industry isn’t going anywhere, and is in fact a vital—and in most states, essential—part of the U.S. economy,” said Morgan Fox. “If I’m being optimistic, it is a sign that the federal government is preparing for eventual interstate commerce, federal regulation, and international market activity.”

No doubt this is a good sign for the future of a nationally legal marijuana United States, especially considering the large amount of marijuana taxes states have been gobbling up, even during the pandemic.

For example, Illinois, in its first year of legalization, boasted over $1 billion in cannabis sales, which equals about $100 million in taxes.

Things are looking up, especially if you’re living in a state that stubbornly clings to the Federal standard.

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