Here’s How Much Money States Are Raking In From Legal Marijuana Sales

Photo Credit: Reuters

On Jan. 1, 2018, the US’s largest and most populated state — California — oversaw the legalization of recreational marijuana. Though not the first state to do this, California’s action is a milestone for the cannabis industry, and for American drug legislation in general. Almost as, if not equally, important is the fact that marijuana’s recreational legality comes with major taxes: a 15% statewide tax on all recreational and medical cannabis products, and additional local taxes and fees.

Much of the country’s outmoded views on cannabis persist, but in the arena of legislation, these arguments are falling on deaf ears. Legalization of cannabis has opened a door to a massive, new source of revenue for state governments. Click through to read about one of the fastest-growing industries to invest in for 2018, and how much states are making off it.

Photo Credit: Tableau

States With Legal Medical Marijuana and Sales

It’s been over 20 years since California became the first state to make marijuana legal — medical use of it, that is. Proposition 215, or the Compassionate Use Act of 1996, was voted on by residents during the November elections that year, passing by 5,382,915 “yes” votes to 4,301,960 “no” votes. Now in 2018, at least a dozen states offer legal medical use of marijuana. Take a look at the sales numbers states have tallied thanks to medical cannabis:

Arizona $406.7 million

Connecticut $50 million

Delaware $7.1 million

Florida $17.4 million

Hawaii $17.2 million

Illinois $91.1 million

Michigan $633 million

Minnesota $9.6 million

Montana $31.8 million

New Hampshire $7.2 million

New Jersey $37 million

New Mexico $54.2 million

New York $40.9 million

Rhode Island $60.2 million

That totals $1463.4 million in the state coffers that would not have been there, otherwise.