Cannabis could be emerging as a significant source of tax revenue for Arizona. According to recently released data from the Arizona Joint Legislative Budget Committee (JLBC), cannabis taxes collected in the state are exceeding that of liquor and alcohol combined. “The state collected $11.9 million in dedicated marijuana excise taxes in March and $94.3 million fiscal year to date,” the JLBC states in its report. Arizona receives cannabis taxes from multiple sources. Besides the excise taxes, Arizona also collects tax revenue from Transaction Privilege Taxes (TPT). According to the report, Arizona collected $2.9 million in medicinal cannabis TPT revenue and $3.4 million in TPT revenue from recreational sales in March. When combined with the state’s excise taxes, the cannabis industry generated $18.2 million in tax revenues for March. Overall, Arizona has received a total of $149.7 million in taxes from cannabis through the fiscal year to date. Taxes collected from state tobacco sales only totaled $1.7 million in March and $15.4 million for the year.
mg Magazine – Cannabis News & Information, 04/26/2022 07:55:00