High Times: How Weed Taxes Are Bringing States More Than $2 Billion In Revenue

By Darion Curtis

  • California, Washington and Colorado are states cashing in on the legal marijuana  tax revenue at $2.06B, $1.8B and $1.5B respectively
  • Black ganja-preneurs are looking to capitalize on the projected $70B market

Colorado became one of the first states to legalize recreational use of marijuana. As of 2020, the pioneering state has collected $1.5 billion in tax revenue, but it isn’t the only state where tax revenue from marijuana sales has seen large figures. California reported $2.06 billion, with Washington state narrowly behind it at $1.8 billion in tax revenue alone. Exactly what do these states do with all that revenue?

Why This Matters: Taxes are heavily regulated in the legal marijuana industry. In fact, 90% of Colorado’s tax earnings go toward the state government. CEO’s like Edgar Cruz of Ekstrepe have jumped through hoops to get his brand off the ground. After being negatively affected by the same regulations and so-called laws meant to ‘protect’, Cruz became a participant in Long Beach’s (CA) Cannabis Social Equity program to start his own dispensary.

If there’s a market for money to be made you can definitely count on a well-off celebrity to try and sink their perfect teeth in for a bite. Some celebs currently getting their fill in the marijuana business include Snoop Dogg, which is very on brand for him, Whoopi Goldberg, and Wiz Khalifa. With such a high projected legal marijuana revenue of $70.6 billion by 2028, who wouldn’t want a piece of that pie?

Situational Awareness: Glory! Marijuana is legal, yet “racial disparities still remain” in states where it’s legalized, according to an ACLU report. Blacks are still disproportionately incarcerated for Marijuana based offenses in states where the drug is legalized. While you’re out voting and buying your hot new cannabis stock because you “just know they’re gonna blow up,” Black people are still 3.64 times more likely to be arrested for possession.

CBx Vibe:Mary Jane” Rick James

CONTRIBUTOR

Darion Curtis

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