Gordon JamesThe newly-legalized cannabis industry is expected to have a profound effect on the economy of states where marijuana has been legalized, with some estimates predicting that recreational pot could generate up to $3.7 billion in sales annually by 2021. It will be interesting to see how this new market affects other industries as well, including mining and gaming?
The “america’s top selling marijuana states in 2021” is a list of the top-selling cannabis states in the United States. The list includes the most recent data on sales, number of plants, and dollar amounts.
The Marijuana Policy Project (MPP) has produced an updated analysis on tax revenue earned by state-legal, adult-use marijuana sales for the whole year of 2021.
Legalization states produced more than $3.7 billion in cannabis tax income from adult-use sales in 2021 alone, a 34 percent increase over the previous year. Since 2014, when sales started in Colorado and Washington state, governments have recorded a total of $11.2 billion in tax income from legal, adult-use cannabis sales.
The tax income report provides updated figures for each state that has legalized cannabis for adult use for the whole year of 2021. The paper also looks at the adult-use cannabis tax structure and demographics in the state.
“Our analysis shows that lifting the ban on cannabis has significant financial advantages for state governments,” MPP said. “Adult cannabis legalization and regulation has produced billions of dollars in tax money, supported critical state services and initiatives, and created thousands of employment throughout the nation.” Meanwhile, states that are behind behind continue to spend government resources enforcing antiquated cannabis prohibitions that damage far too many people.”
Tax income from adult-use cannabis sales may be used to fund social services and initiatives in places where it is legal. This includes, among other things, funding education, school construction, early literacy, public libraries, bullying prevention, behavioral health, alcohol and drug treatment, veterans’ services, conservation, job training, conviction expungement expenses, and reinvestment in communities disproportionately impacted by the war on cannabis.
For people 21 and older, eighteen states have laws that legalize, tax, and regulate cannabis. Eight of the laws were passed in 2020 or 2021, and sales and tax collections have yet to begin in six of those states. Maryland, Missouri, Ohio, Rhode Island, and South Dakota are among the states that are working hard to legalize adult-use cannabis by 2022.
State-by-State Totals for 2021:
$28,900,231 in Alaska; $153,824,757 in Arizona; $1,294,632,799 in California • $396,157,005 in Colorado $424,206,703 in Illinois; $12,362,622 in Maine; $227,474,842 in Massachusetts; $209,912,278 in Michigan; $159,885,501 in Nevada $177,773,944 in Oregon; $630,863,570 in Washington
Totals Year-by-Year:
• 2014: $68,503,980 • 2015: $264,211,871 • 2016: $530,521,110 • 2017: $723,145,481 • 2018: $1,275,483,830 • 2019: $1,707,204,090 • 2020: $2,766,027,570 • 2021: $3,715,994,252
The “mpp ct” is a report that predicts the amount of money marijuana states will make from sales in 2021. The report also includes what states are projected to make and where they are located.
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Gordon James