Attention FAE Customers:
Please be aware that NASBA credits are awarded based on whether the events are webcast or in-person, as well as on the number of CPE credits.
Please check the event registration page to see if NASBA credits are being awarded for the programs you select.

Want to save this page for later?

Most Popular Content

U.S. Census Bureau: New York State Ranks 20th in Cannabis Tax as Percentage of Revenue

By:
S.J. Steinhardt
Published Date:
Apr 22, 2024

gettyimages-1210433696-cannabis-dispensary-240

New York is far behind states such as Washington, Alaska, and Colorado when it comes to bringing in tax revenue from the legal sale of cannabis in the last quarter of 2023, Fast Company reported, using U.S. Census Bureau data.

Washington got 1.37 percent of its tax revenue from cannabis sales in the last quarter of 2023, a 44.81 percent increase over the previous quarter. Alaska’s 1.32 percent share of cannabis-related tax revenue was a decrease of 1.9 percent from the last quarter, while Colorado’s 1.23 percent share was a 9.05 percent decrease.

New York state ranked 20th of the 23 reporting states, with 0.06 percent of its total tax revenue coming from cannabis. Quarterly sales amounted to $14.784 million, resulting in $26,188,873 in total tax revenue, a 49.02 percent increase from the previous quarter.

Those figures can be expected to grow in the coming quarters, as New York recently approved 101 adult-use licenses, bringing its statewide total adult use licenses to 403 issued so far in 2024.

Neighboring New Jersey, which ranked 18th, received 0.09 percent of its tax revenue from cannabis, no change from the third quarter.

Several states (Arizona, Colorado, Maine, Massachusetts, Michigan, Montana, Nevada, New Mexico, and Oregon) made more money from marijuana than alcohol in the last quarter of 2023, according to the Tax Foundation, Fast Company reported.

The Census Bureau’s new Cannabis Excise Sales Tax Collections, an experimental data product, has been collecting quarterly cannabis tax data  since the third quarter of 2021.