Sun , March 3, 2024
High Scorez
Home > AZ Cannabis News > Arizona’s Tax Revenue From Marijuana Is Soaring High

Arizona’s Tax Revenue From Marijuana Is Soaring High

AZ Adult Cannabis Law

According to new data from the Arizona Department of Revenue (AZDOR), medical and recreational marijuana tax revenue from January through August of 2021 totaled $115,701,426.

For adult-use cannabis sales there is a transaction privilege tax (TPT) rate as well as a 16% excise tax.

“Through August the Department of Revenue has received $25,502,239 in Adult Use TPT, $53,377,725 in Excise Tax, and $36,821,462 in Medical TPT totaling $115,701,426 for calendar year 2021,” AZDOR stated.

Arizona became the 13th state to legalize recreational marijuana for adults 21 and older when the state’s voters passed Prop 207 (the Smart and Safe Arizona Act) on November 3, 2020 by 60% to 40%.

Marijuana use, possession, and cultivation officially became legal for adults 21 and older on November 30, 2020 when the Secretary of State certified the Proposition 207 ballots. And on January 22, 2021, state-licensed dispensaries began legally selling marijuana to adults 21 and older.

🌿 New Cannabis Deals 🌿

Get cannabis deals sent to you for free

Republishing guidelines

Arizona Cannabis News and Info

AZ Cannabis Updates