Ron Strider
Well-Known Member
Montana medical marijuana providers paid about $300,000 in taxes for the first quarter, which ended in September.
The tax was the first of its kind on the Montana medical marijuana industry, which is seeing a resurgence in enrollment after the passage of more comprehensive regulatory laws this spring.
About 315 providers made tax payments at 4 percent on their gross sales receipts.
"It works out to be about $7.5 million in gross revenues," said Mary Ann Dunwell, spokeswoman for the Montana Department of Revenue.
Dunwell said that most providers paid an average of $800 in taxes for that first quarter. But a few of the larger providers had large tax bills.
One provider brought $30,000 in cash to the revenue department in Helena, Dunwell said.
The department received a mix of cash and electronic payments. There was speculation on how much cash the revenue department would have to process, because banks have been slow to work with marijuana-related businesses. That trend is reversing, however, as those industries stabilize.
"The providers–they want to operate a business," Dunwell said. "They want to legitimize this business."
Nearly 19,000 medical marijuana patients and 616 providers were registered with the state as of August. There were 7,558 in November 2016.
The 4-percent tax on providers' gross revenue is intended to support the implementation of the new medical marijuana program. The rate will become 2 percent in July 2018.
All tax proceeds go into a special fund to administer the medical marijuana program, which is run by the Montana Department of Public Health and Human Services.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Medical marijuana tax rakes in $300k in first quarter | Montana News | billingsgazette.com
Author: MATT HUDSON
Contact: Contact Us | billingsgazette.com
Photo Credit: Greta Mart
Website: billingsgazette.com | A Lee Enterprises Newspaper
The tax was the first of its kind on the Montana medical marijuana industry, which is seeing a resurgence in enrollment after the passage of more comprehensive regulatory laws this spring.
About 315 providers made tax payments at 4 percent on their gross sales receipts.
"It works out to be about $7.5 million in gross revenues," said Mary Ann Dunwell, spokeswoman for the Montana Department of Revenue.
Dunwell said that most providers paid an average of $800 in taxes for that first quarter. But a few of the larger providers had large tax bills.
One provider brought $30,000 in cash to the revenue department in Helena, Dunwell said.
The department received a mix of cash and electronic payments. There was speculation on how much cash the revenue department would have to process, because banks have been slow to work with marijuana-related businesses. That trend is reversing, however, as those industries stabilize.
"The providers–they want to operate a business," Dunwell said. "They want to legitimize this business."
Nearly 19,000 medical marijuana patients and 616 providers were registered with the state as of August. There were 7,558 in November 2016.
The 4-percent tax on providers' gross revenue is intended to support the implementation of the new medical marijuana program. The rate will become 2 percent in July 2018.
All tax proceeds go into a special fund to administer the medical marijuana program, which is run by the Montana Department of Public Health and Human Services.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Medical marijuana tax rakes in $300k in first quarter | Montana News | billingsgazette.com
Author: MATT HUDSON
Contact: Contact Us | billingsgazette.com
Photo Credit: Greta Mart
Website: billingsgazette.com | A Lee Enterprises Newspaper
