On Jan. 1, 2018, the US’s largest and most populated state — California — oversaw the legalization of recreational marijuana. Though not the first state to do this, California’s action is a milestone for the cannabis industry, and for American drug legislation in general. Almost as, if not equally, important is the fact that marijuana’s recreational legality comes with major taxes: a 15% statewide tax on all recreational and medical cannabis products, and additional local taxes and fees.
Much of the country’s outmoded views on cannabis persist, but in the arena of legislation, these arguments are falling on deaf ears. Legalization of cannabis has opened a door to a massive, new source of revenue for state governments. Click through to read about one of the fastest-growing industries to invest in for 2018, and how much states are making off it.
States With Legal Medical Marijuana and Sales
It’s been over 20 years since California became the first state to make marijuana legal — medical use of it, that is. Proposition 215, or the Compassionate Use Act of 1996, was voted on by residents during the November elections that year, passing by 5,382,915 “yes” votes to 4,301,960 “no” votes. Now in 2018, at least a dozen states offer legal medical use of marijuana. Take a look at the sales numbers states have tallied thanks to medical cannabis:
Arizona $406.7 million
Connecticut $50 million
Delaware $7.1 million
Florida $17.4 million
Hawaii $17.2 million
Illinois $91.1 million
Michigan $633 million
Minnesota $9.6 million
Montana $31.8 million
New Hampshire $7.2 million
New Jersey $37 million
New Mexico $54.2 million
New York $40.9 million
Rhode Island $60.2 million
That totals $1463.4 million in the state coffers that would not have been there, otherwise.
