Arizona Made $24 Million in Marijuana Taxes in August, $283 Million for Fiscal Year 2023

Arizona garnered over $24 million in tax revenue in August from legal marijuana sales, and over a quarter million for FY 2023.

According to data released by the Arizona Department of Revenue, the state made $24,323,092 in tax revenue from the legal distribution of over $90 million worth of marijuana and marijuana products. This is around $1.5 million more than the marijuana tax total for July, and $500k more than the total for June.

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.

In fiscal year 2023, ending June 30, Arizona made $283,179,058 in tax revenue from marijuana sales, an almost $30 million increase from FY 2022.

The total since the start of legal marijuana sales in February, 2021 is now just shy of $640 million.

Marijuana was legalized in Arizona in 2020 via the initiative process. Licensed marijuana retail outlets opened their doors to everyone 21 and older the following year. The law allows those 21 and up to purchase and possess up to an ounce of marijuana, and up to five grams of marijuana concentrates such as hash and oil. The personal cultivation of up to six plants per person and up to 12 per household is also allowed.

Both medical marijuana and recreational marijuana 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.

Thank you for reading The Marijuana Herald! Sign up for our weekly newsletter using the form below.