Most states with regulated sales up and running have surpassed initial estimates regarding projected cannabis sales, with California being the lone holdout. In addition to surpassing early projections, states continue to set financial records with Colorado selling more than $1.5 billion worth of cannabis in 2017 and Oregon on pace to bring in more tax revenue in 2018 than ever before, after breaking monthly revenue records (despite all-time low prices making the Beaver State a cannabis consumer’s paradise). Alaska has also reported that its set a new monthly cannabis revenue record as The Seattle Times reported:
Monthly marijuana tax revenues have topped $1 million for the fifth straight month and for the sixth time this year.
The state said Wednesday that it had collected nearly $1.4 million in marijuana taxes in July, a new monthly record. That compares to about $1.3 million in June, the previous high.
Cultivation facilities pay the tax, which is imposed when marijuana is sold or transferred from a licensed grow facility to a retail marijuana shop or product manufacturing facility.
While Alaska’s monthly revenue is dwarfed by other states, per capita, the state’s marijuana market is doing quite well and is heating up. While the cannabis industry remains overtaxed and overregulated with extremely tough competition, states are proving that overall cannabis sales can generate substantial revenue for the industry and government coffers alike. And this is just the beginning, there are plenty of more record-breaking months and years ahead.
Don’t miss the opportunity to network with top investors and entrepreneurs at the upcoming International Cannabis Business Conference this September 27th-28th in Portland, Oregon. Get your “early bird” tickets by September 12th to save $200!