Cannabis News Box

Lawmakers might give cannabis businesses crucial tax relief

Lawmakers might give cannabis businesses crucial tax relief

May 9, 2018

Thor Benson / Cannabis News Box Contributor As the tax code stands, a section called 280E makes it impossible for cannabis businesses to write off necessary expenses, like rent and wages. This is a major problem for cannabis business owners and can result in them spending tens of thousands of dolla...

Federally legal cannabis could generate $106 billion in tax revenue

Federally legal cannabis could generate $106 billion in tax revenue

March 13, 2018

If cannabis were fully legalized under federal law, the plant could generate $105.6 billion in tax revenue, according to numbers from New Frontier Data. Legalization nationwide could also produce 1 million new jobs by 2025. "Under the new business tax rate of 21 percent, the Trump tax cuts will come as welcome relief to cannabis business owners who already face tax hurdles bec...

Cannabis sales in Alaska break records for six month in a row

Cannabis sales in Alaska break records for six month in a row

Sara Tiradossi

October 6, 2017

Alaska has hit new record-high cannabis sales, according to a report from the Alaska Department of Revenue. In August, the state collected $694,364 in cannabis taxes, marking it as the sixth consecutive month of record sales and the highest figures to date for the Alaska’s cannabis industry. The...

Tax revenue from cannabis hits half billion milestone in Colorado

Tax revenue from cannabis hits half billion milestone in Colorado

Logan Lowrey-Rasmussen

July 22, 2017

Colorado’s cannabis programs hit a milestone when VS Strategies reported a total of $506 million in state coffers since 2014. TAX BREAKDOWN $117.9 million was used for fund school construction. $5.7 million was placed into the public school fund. $1.5 million created programs addressing ...

Nevada lawmakers finalize cannabis tax

Nevada lawmakers finalize cannabis tax

June 6, 2017

Nevada lawmakers passed a measure Sunday night that would set cannabis tax rates at 10 percent for retail sales and 15 percent for wholesale. Republican Gov. Brian Sandoval is expected to approve the measure in the state's budget package. During the next two years, cannabis tax revenue is expected...

tax