October marked just the third month since recreational marijuana was legalized in 2020 where marijuana tax revenue surpassed $25 million in Arizona.
There was $25,409,775 in taxes made from legal marijuana and marijuana products sold in October throughout Arizona, according to data released by the state’s Department of Revenue. This is a roughly $3 million increase over the taxes for September, and it’s the second highest marijuana taxes made in a given month in the state’s history.
The largest amount of marijuana taxes made in a given month remains the $28,423,424 sold in May of this year. The only other month where taxes were over $25 million was January of this year with $25.1 million sold.
The year-to-date revenue from marijuana tax revenue is now over $200 million. with the total for fiscal year (FY) 2024 (starting July 1) now standing at $94,999,820. Total sales for FY 2023 was $283,179,058.
Marijuana was legalized in Arizona in 2020 via the initiative process. Licensed marijuana retail outlets opened their doors 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. 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.
More articles from The Marijuana Herald can be found below.
