Tuesday’s election was a landslide win for marijuana. Five states: Arizona, Mississippi, Montana, New Jersey and South Dakota voted in help of legalizing hashish in some vogue. All the states, excluding Mississippi, authorised leisure hashish, whereas Mississippi has solely authorised marijuana use in a medical capability. South Dakota made probably the most vital leap in decriminalizing marijuana? voting sure on legalizing each medical and leisure use of marijuana in a single election.
Though 4 states voted to legalize leisure marijuana use, customers will nonetheless have to attend months earlier than they will start shopping for marijuana. If California, which legalized leisure marijuana use in 2018, is any instance, these states can anticipate substantial tax income from the recreation of weed. The Golden State taxes 15% on marijuana gross sales. California introduced in $208 million in excise, gross sales and cultivation taxes from the hashish trade within the second fiscal quarter of 2020 alone.
Here’s a have a look at when dispensaries can legally arrange store for leisure use in Arizona, Montana, New Jersey and South Dakota. And also see how much states stand to make on marijuana sales.
- State taxes on leisure marijuana: 16% excise tax on marijuana, on prime of gross sales tax