In the 30 months that recreational marijuana has been legal in Arizona, the state has made well over half a billion dollars in new tax revenue.
In total Arizona made $660,668,140 in marijuana taxes between February, 2021 and August, 2023, according to data released by the Arizona Department of Revenue. In fiscal year 2023, ending June 30, Arizona made $283,179,058 in marijuana tax revenue, a roughly $30 million increase from the previous fiscal year.
The top month for marijuana tax revenue came in May of this year, with $28,423,424 garnered. This is well ahead of second place – January, 2023 – with $25,115,643 in revenue garnered from legal marijuana sales.
The year-to-date revenue from marijuana sales is now over $170 million. with the total for fiscal year (FY) 2023 (starting July 1) now standing at $47,104,212.
The possession of up to an ounce of marijuana and five grams of marijuana concentrates become legal in Arizona via the initiative process in 2020, with the first licensed marijuana store opening the following year. The law applies to those 21 and older, who can grow up to six plants for personal use.
Medical marijuana and recreational marijuana both receive a transaction privilege tax of 5.6%, with the latter also receiving an excise tax of 16%.
More detailed marijuana sales and tax information can be found on the website for the Arizona Department of Revenue by clicking here.
More articles from The Marijuana Herald:
