Alaska Raked in $11 Million in Marijuana Tax Revenue This Year

The State of Alaska collected more than $11 million dollars in marijuana tax revenues from cultivators in the 2018 fiscal year, officials said Wednesday. The amount exceeded predictions from the Alaska Department of Revenue by nearly $2 million.

The numbers reported Wednesday are for the fiscal year that ended June 30. The figures only include taxes from cannabis cultivators and not revenue collected from retail stores and other marijuana businesses.

Tax Revenues Exceed Predictions

The state collected more than $1.2 million in the month of June alone, the most ever. And officials believe the revenues collected in July, the first month of fiscal 2019, will be even higher.

Kelly Mazzei, an excise tax supervisor with the Department of Revenue, said that taxes on the state’s cannabis industry have continued to trend upward.

“We absolutely are exceeding our predictions and additionally we are seeing a very steady increase in tax revenue collection each month,” Mazzei said.

Mazzei also said that as the legal marijuana market grows it is difficult for the department to estimate future revenue.

“I don’t believe the market has saturated and we haven’t seen exactly what capacity the state is going to operate in as far as cultivation and

Read More Here…

Bookmark the permalink.