States Made More Than 3.7 Billion in Recreational Pot Sales Last Year

States that have legalized recreational cannabis sales for adults collectively generated more than $3.7 billion in revenue last year, according to a new report from the Marijuana Policy Project.

The findings, released on Wednesday, amount to a 34% increase in revenue from adult-use sales compared to 2020 –– continuing an upward trajectory dating back to 2014, when recreational pot sales began in Colorado and Washington, the first two states to end prohibition on pot use for adults.

Today, 18 states have legalized adult-use cannabis sales. The latest report from the Marijuana Policy Project was based on sales figures from the 11 states that had licensed pot retailers open for business in 2021.

The total revenue tally of $3,715,994,252 does not include medical cannabis sales.

Toi Hutchinson, the president and CEO of the Marijuana Policy Project, said that the latest report provides “further evidence that ending cannabis prohibition offers tremendous financial benefits for state governments.”

“The legalization and regulation of cannabis for adults has generated billions of dollars in tax revenue, funded important services and programs at the state level, and created thousands of jobs across the country. Meanwhile, the states that lag behind continue to waste government resources on enforcing archaic cannabis laws that harm far too many Americans,” said Hutchinson, who left her post as a senior cannabis adviser to Illinois Gov. J.B. Pritzker late last year to take the helm at the advocacy organization.

The Marijuana Policy Project provided state-by-state revenue totals for last year’s recreational cannabis sales, with California raking it the most by far:

    •    Alaska: $28,900,231 

    •    Arizona: $153,824,757

    •    California: $1,294,632,799 

    •    Colorado: $396,157,005

    •    Illinois: $424,206,703

    •    Maine: $12,362,622

    •    Massachusetts: $227,474,842 

    •    Michigan: $209,912,278 

    •    Nevada: $159,885,501

    •    Oregon: $177,773,944 

    •    Washington: $630,863,570

Last year’s revenue total represented a big jump from 2020, which saw $2,766,027,570 in recreational pot revenue generated. And that represented a significant increase from 2019, when there was $1,707,204,090 in revenue brought in.

According to the Marijuana Policy Project, “states reported a combined total of $11.2 billion in tax revenue from legal, adult-use cannabis sales since 2014 when sales began in Colorado and Washington state.”

As the group explained, “states with legal, adult-use cannabis sales, tax revenues can be allocated for social services and programs,” which can include “funding education, school construction, early literacy, public libraries, bullying prevention, behavioral health, alcohol and drug treatment, veterans’ services, conservation, job training, conviction expungement expenses, and reinvestment in communities that have been disproportionately affected by the war on cannabis, among many others.”

“Legalizing cannabis for adults has been a wise investment…In addition to revenue generated for statewide budgets, cities and towns have also generated hundreds of thousands of dollars in new revenue from local adult-use cannabis taxes,” the Marijuana Policy Project said in its analysis.

One state that will be included in next year’s report will be New Mexico, which just launched adult-use cannabis sales last week.

The state reported more than $3 million in recreational pot sales in the opening weekend.

New Mexico Gov. Michelle Lujan Grisham has touted legalization as a potential economic driver for the state.

“As we look to rebound from the economic downturn caused by the pandemic, entrepreneurs will benefit from this great opportunity to create lucrative new enterprises, the state and local governments will benefit from the added revenue and, importantly, workers will benefit from the chance to land new types of jobs and build careers,” Lujan Grisham said last year after signing the legalization bill into law.

The post States Made More Than 3.7 Billion in Recreational Pot Sales Last Year appeared first on High Times.

Majority of Cannabis CFOs Think Biden Doesn’t Support Cannabis

Most financial leaders in cannabis don’t trust the Biden administration, new data suggests. On December 14, GreenGrowth CPAs announced the cannabis industry’s first 2021 Cannabis CFO Survey—a 22-page analysis containing business and market outlook data from over 75 cannabis industry CFOs, CEOs, founders, controllers and other financial roles in 20 markets across the United States. 

The report showed a lack in confidence about commitment on federal cannabis reform from President Joe Biden’s administration, and it provided some fascinating details of how people in financial roles in the cannabis industry differ in opinion from members of other industry sectors. 

Financial leaders were asked their perspective on the cannabis business environment, progress recovering from the COVID-19 pandemic and outlook on raising capital and assessing the potential impact of the Biden administration. “The answers were volunteered by financial leaders throughout the cannabis ecosystem,” GreenGrowth CPAs Chief Marketing Officer Kristofer Lenz told High Times. “We sent emails to our internal distribution list ([over 40,000] mix of clients, prospects and folks who signed up for our newsletter), posted on social media and conducted personal outreach to industry partners who also shared within their networks.”

Notably, over 62 percent of respondents doubt support from the Biden administration. Specifically, President Biden doesn’t have a great track record on cannabis like most other members of the Silent Generation. White House Press Secretary Jen Psaki reaffirmed last July that President Joe Biden opposes cannabis legalization—putting him at odds with top Democrats such as Senate Majority Leader Chuck Schumer and Senator Cory Booker.

GreenGrowth CPAs provided four highlights from the 2021 Cannabis CFO Survey:

  • 70.2 percent of cannabis operators feel the cannabis business environment is improving (but only 28 percent of cultivators agree)
  • 18.2 percent of operators are stronger financially today than before the COVID-19 pandemic
  • 79.2 percent of operators are planning to raise capital, 19.5 percent through an IPO/RTO go-public transaction
  • 62.4 percent don’t think the Biden Administration supports cannabis, and 41.6 percent think we are 5+ years away from federal legalization

One problem is the difference in opinion between how cannabis operators in general feel about the health of the cannabis business environment compared to cultivators in particular. While over 70 percent of operators believe the cannabis business environment is improving, just 28 percent of cultivators agree. 

“In the last six months, wholesale prices have absolutely plummeted due to oversupply, lack of demand, a lot of other issues, and you can really see in the data, the impact it’s having,” Lenz explained. “There is the East and West divide. Essentially we’re going through this sort of peak and valley evolution in the market. When new markets come online, there’s a lot of pent-up demand, a lot of licenses.”

Lenz explained the difference between newer and older state markets. “So there’s Illinois, Massachusetts, in these sort of newer markets, where the wholesale price is high, demand is really high, and this vision of cannabis capitalism—as people are imagining it—is really thriving,” he said. “But in more states that are older, we’re seeing a valley form. It’s actually happening in Colorado, California, especially where the more and more cultivators come online, the more sophisticated those cultivation opportunities are, the more flower is hitting the market, but the demand is not necessarily catching up.”

This could be perhaps due to the “collapse” of the wholesale value of cannabis crops in California, partly due to sky-high taxes, fees and light-deprivation weed. Growers in the Emerald Triangle in Humboldt, Mendocino and Trinity Counties, for instance, are calling this an “extinction event.”

The insights in the 2021 Cannabis CFO Survey were self-reported a blend of multi-state operators, retailers, cultivators and ancillary service providers throughout the cannabis industry. The report is free for download at the GreenGrowth CPAs website.

The report shows the amount of distrust with the priorities of the Biden administration among financial leaders in the industry. Keep in mind, however, that no president can directly remove cannabis from control under the Controlled Substances Act, but he could, however, order executive agencies to consider either altering the classification of cannabis or change their enforcement approach.

The post Majority of Cannabis CFOs Think Biden Doesn’t Support Cannabis appeared first on High Times.

Wednesday, April 7, 2021 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Wednesday, April 7, 2021 | Curated by host Shea Gunther

// Judiciary Committee Passes Recreational Marijuana (CT News Junkie)

// California Senators Approve Bill To Legalize Possession Of Psychedelics Like LSD, MDMA, And Psilocybin (Marijuana Moment)

// Gov. Lujan Grisham to sign regular session bills before special session bills (KOB 4 News)


These headlines are brought to you by MJToday Media, publishers of this podcast as well as our weekly show Marijuana Today and the most-excellent Green Rush Podcast. And check out our new show Weed Wonks!


// Biden Is Too Busy To Decriminalize Marijuana, Harris Says (Marijuana Moment)

// Slang Revenues Rise In Fourth Quarter, But Drop Overall In 2020 (Green Market Report)

// 4Front Q4 Revenue Increases 90% to $17 Million (New Cannabis Ventures)

// Organigram Buys Edibles Manufacturer for $22 Million (New Cannabis Ventures)

// Mexico Marijuana Legalization Bill Advances In Senate For Second Day In A Row (Marijuana Moment)

// Workers at Rhode Island medical cannabis dispensary vote to unionize (Marijuana Business Daily)

// Washington Lawmakers Hear Drug Decrim Bill After Supreme Court Strikes Down Prohibition (Marijuana Moment)

Check out our other projects:Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement. • Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

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Wednesday March 10, 2021 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Wednesday, March 10, 2021 | Curated by host Shea Gunther

// Nearly 30,000 Californians Just Had Felony Weed Offenses Reduced to Misdemeanors (Merry Jane)

// Two-Thirds Of Marylanders Now Support Legalizing Recreational Use Of Marijuana Goucher College, Poll Says (Yahoo News)

// Oklahoma’s medical cannabis dispensary licenses decline for the first time (Marijuana Business Daily)


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// Curaleaf to Buy European Cannabis Operator EMMAC for $286 Million in Cash and Stock (New Cannabis Ventures)

// Curaleaf Reports Full Year Revenue Of $653 Million (Green Market Report)

// Marijuana Would Not Count Against Immigrants’ ‘Good Moral Character’ Under New Congressional Bill (Marijuana Moment)

// Rhode Island Senate Leaders Unveil Marijuana Legalization Bill As Governor Prepares Competing Plan (Marijuana Moment)

// Hawaii Senate Approves Marijuana Legalization Bill And Separate Decriminalization Expansion Proposal (Marijuana Moment)

// Two New Mexico Marijuana Legalization Bills Advance Through Senate Committee As Session’s End Nears (Marijuana Moment)

Check out our other projects:Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement. • Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

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Friday, February 19, 2021 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Friday, February 19, 2021 | Curated by host Shea Gunther

// N.J. legal weed revived again as Murphy gets another reprieve from lawmakers. But it’s far from a done deal. (NJ.com)

// Draft of bill aims to curb underage use of concentrated THC set potency cap in Colorado (KOAA News 5 NBC)

// North Dakota Lawmakers Approve Marijuana Legalization Bill In Committee (Marijuana Moment)


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// Cannabis bill with no commercial production cap passes committee (Taos News)

// Tax Court Rules Against Harborside In 280E Case (Green Market Report)

// Oklahoma medical marijuana sales surpass $800 million for 2020 (Marijuana Business Daily)

// Oregon marijuana firms enjoy booming market fueled by pandemic consumers shunning illicit suppliers (Marijuana Business Daily)

// Oregon marijuana firms enjoy booming market fueled by pandemic consumers shunning illicit suppliers (Green Market Report)

// Tilray Delivers Solid Quarter As Revenue Rises 20% (Green Market Report)

// NFL Explores How Marijuana And CBD Can Be Used As Opioid Alternatives For Players (Marijuana Moment)

Check out our other projects:Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement. • Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

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Friday, February 12, 2021 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Friday, February 12, 2021 | Curated by host Shea Gunther

// Virginia Marijuana Legalization Bill Takes Another Step Toward Finish Line (Marijuana Moment (Center Square))

// Colorado Marijuana Sales Almost Hit $2.2 Billion in 2020 (Denver Westword)

// South Dakota governor to delay medical cannabis program until 2022 (Marijuana Business Daily)


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// Colorado awards first adult-use cannabis delivery license (Marijuana Business Daily)

// Cannabis MSO Green Thumb nets $100M through initial US stock sale (Marijuana Business Daily)

// Columbia Care Raises C$25 Million Primarily From Single Institutional Investor (New Cannabis Ventures)

// Canopy Growth Records $829 Net Loss In Third Quarter (Green Market Report)

// Aurora Cannabis Reports $292 Million Net Loss Even As Revenue Rises (Green Market Report)

// Marijuana Legalization Has Majority Support In North Carolina Poll Finds (Marijuana Moment)

// Weed stocks tank as Reddit trade loses momentum (CNBC)

Check out our other projects:Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement. • Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

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Tuesday, February 9, 2021 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Tuesday, February 9, 2021 | Curated by host Shea Gunther

// South Dakota judge strikes down state’s marijuana legalization vote (Leafly (AP))

// Virginia lawmakers pass landmark recreational marijuana legalization bills (Marijuana Business Daily)

// Schumer Hosts First Formal Meeting on Legalizing Weed as VA GOP Opposes Legalization (Hill Reporter)


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// Deadline for Murphy to Act on NJ Marijuana Bill Pushed Back (NBC Philadelphia)

// Lt. Gov. John Fetterman enters Pennsylvania’s 2022 Senate race (CNN)

// California Clears Up Confusion Over Marijuana Industry Coronavirus Vaccine Eligibility (Marijuana Moment)

// New Jersey Governor Signs Psilocybin Bill To Immediately Reduce Penalties For Possession (Marijuana Moment)

// Wisconsin governor proposes medical recreational cannabis legalization (Marijuana Business Daily)

// Marijuana concentrate sales up 40% as more consumers turn to the product category (Marijuana Business Daily)

// Legal Marijuana Is More Popular Than Joe Biden $15 Minimum Wage Or Rejoining Climate Agreement Poll Finds (Marijuana Moment)

Check out our other projects:Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement. • Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

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Tuesday, January 26, 2021 Headlines | Marijuana Today Daily News


A close-up photograph shows a dark-green mature marijuana plant- just the fan leaves- no buds are showing. The background is blurred and appears to show an outdoor setting. The dark green of the leaves in sharply contrasted with the white vein-lines running over them.

Marijuana Today Daily Headlines
Tuesday, January 26, 2021 | Curated by host Shea Gunther

// Boycott spurs Massachusetts cannabis trade group to withdraw delivery suit (Marijuana Business Daily)

// Virginia Marijuana Legalization Bill Approved By Senate Committee With Home Cultivation Provisions Intact (Marijuana Moment)

// Arizona Begins Recreational Marijuana Sales Just Weeks After Voters Approve Legalization (Marijuana Moment)


These headlines are brought to you by the upcoming Homegrown Weed Summit, the first and only online event dedicated to teaching you how to grow elite cannabis from seed to harvest right in your home. The Homegrown Weed Summit is coming up on February 15 and will feature four days of online events with noted cannabis pros like Tommy Chong, Danny Danko, and Ed Rosenthal. You can learn more about the Homegrown Weed Summit and get your free ticket now over at HomeGrownWeedSummit.com!


// Harvest closes $34.6M Florida sale-leaseback deal with marijuana REIT (Marijuana Business Daily)

// New Psychedelics Reform Group Sets Sights On Congress As Movement Builds (Marijuana Moment)

// Washington Lawmakers Approve Marijuana Homegrow Bill In Committee (Marijuana Moment)

// Premium flower demand drives Colorado wholesale marijuana prices to nearly five-year highs (Marijuana Business Daily)

// Marijuana Legalization Could Create $43 Million In Annual Tax Revenue Delaware State Auditor Reports (Marijuana Moment)

// Anti-Marijuana Lawmaker Files Legalization Bill In North Dakota To Avoid Activist Ballot Measure (Marijuana Moment)

// New Mexico Governor And Senate Leader Say Marijuana Legalization Can Pass This Year (Marijuana Moment)

Check out our other projects:Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement. • Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

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Wednesday, December 9, 2020 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Wednesday, December 9, 2020 | Curated by host Shea Gunther

// Mexican lower house delays vote on cannabis bill to 2021-sources (Reuters)

// House Approves Marijuana Research Bill Days After Voting To Federally Legalize Cannabis (Marijuana Moment)

// Marijuana has grown to become Maine’s most valuable crop (Portland Press Herald)


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// Canada Will Let Health Care Professionals Legally Use Psychedelic Mushrooms Health Minister Says (Marijuana Moment)

// BofA: Global Cannabis Market Currently Estimated At $186 Billion (Deep Dive)

// Canopy Growth’s Martha Stewart CBD Line Scores First Nationwide Retail Deal (Nasdaq (Motley Fool))

// Ontario to license cannabis stores faster as authorizations surpass 300 (Marijuana Business Daily)

// Eastern Cannabis Markets Continue to Show Strong Growth in October (New Cannabis Ventures)

// Anchorage recreational marijuana sales a bullish indicator of Alaska’s growing market (Marijuana Business Daily)

// Seven In Ten Americans Back Expunging Marijuana Convictions New Poll Finds (Marijuana Moment)


Check out our other projects:Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement. • Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

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Friday, October 23, 2020 Headlines | Marijuana Today Daily News

Marijuana Today Daily Headlines
Friday, October 23, 2020 | Curated by host Shea Gunther

// Montana high court tosses challenge to adult-use marijuana measure (Marijuana Business Daily)

// Pennsylvania House Votes To Protect Medical Marijuana Patients From DUI Charges (Marijuana Moment)

// Canadian cannabis sales grow to nearly CA$245 million in August (Marijuana Business Daily)


These headlines are brought to you by Curaleaf, one of the leading vertically-integrated cannabis operators in the U.S. With legal medical and adult use marijuana dispensaries, cultivation sites, and processing facilities all over the United States, Curaleaf has served more than 350,000 medical cannabis patients and looks forward to helping many more long into the future. Swing over to Curaleaf.com to learn more about this very cool company!


// Colorado Governor Tells Texas Not To Legalize Marijuana So His Own State Can Get More Tourists (Marijuana Moment)

// US cannabis harvest price report 2020 (Leafly)

// Jushi Prices C$35.5 Million Equity Offering at C$3.55 (New Cannabis Ventures)

// West Virginia taps Metrc for medical cannabis seed-to-sale tracking system (Marijuana Business Daily)

// Michael Thompson, imprisoned for 25 years for selling three pounds of cannabis, to receive parole hearing in November (Growth Op)

// Oregon vineyards lose lawsuit against nearby cannabis operation (Oregon Public Broadcasting (AP))

// New Zealand seeks proposals to educate doctors on medical cannabis (Marijuana Business Daily)


Check out our other projects:Marijuana Today— Our flagship title, a weekly podcast examining the world of marijuana business and activism with some of the smartest people in the industry and movement. • Marijuana Media Connect— A service that connects industry insiders in the legal marijuana industry with journalists, bloggers, and writers in need of expert sources for their stories.

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