New York Predicts $1.25 Billion in Pot Tax Revenue Over Six Years

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Cannabis tax revenue is expected to increase to $95 million in fiscal year 2024 and reach an estimated $363 million in 2028. New York Budget Projections Include Revenue from Cannabis ‘Potency Tax’ The taxes on New York’s cannabis industry include a nine percent excise tax and another four percent tax for local governments. The THC tax is levied on wholesale transactions, when products are transferred from distributors to retailers. New York is poised to collect $1.25 billion in revenue from taxes on legal cannabis sales, according to a budget projection from Democratic Governor Kathy Hochul released on Tuesday. The state’s regulations also include a separate tax on THC, with the amount of tax collected rising as the potency of a product rises.

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New York is poised to collect $1.25 billion in revenue from taxes on legal cannabis sales, according to a budget projection from Democratic Governor Kathy Hochul released on Tuesday. The revenue projections are included in the state budget for next year, which includes significant investment in projects designed to continue the economic and social recovery from the ongoing coronavirus pandemic.

“We have the means to immediately respond to the COVID-19 pandemic as well as embrace this once-in-a-generation opportunity for the future with a historic level of funding that is both socially responsible and fiscally prudent,” Hochul said...

Read the full article @ High Times