All articles tagged with #cannabis tax
Starting January 1, 2026, Michigan will implement new laws including a 24% wholesale tax on recreational cannabis, a raise in minimum wage to $13.73, increased unemployment benefits up to $530 per week, and measures to crack down on ticket bots, along with various safety, education, and infrastructure reforms.
As of April 2023, 20 states and the District of Columbia have legalized weed for recreational use while 27 states allow it for varying medicinal purposes. Three states — Idaho, Kansas, and Nebraska — prohibit it entirely. A strong majority of Americans support the legalization of cannabis. States that have legalized marijuana have used the opportunity to generate revenue through a "cannabis tax." The U.S. cannabis market could see sales reaching $57 billion to $72 billion by 2030. However, federal cannabis policy views the drug as illicit, and therefore, the varying taxation in states has resulted in losses for cannabis businesses.