States Without Legal Cannabis Are Missing Out On Billions In Annual Tax Revenue, New Analysis Shows

Since Colorado and Washington took the historic step of legalizing recreational cannabis in 2014, the marijuana industry has rapidly expanded, with tax revenue emerging as one of the most significant financial outcomes.

The growing legal cannabis market across the U.S. has generated billions of dollars in tax revenue, benefitting state budgets, funding essential services and providing economic boosts in both mature and newly legal markets. According to the latest figures compiled by Lyle Daly for The Motley Fool, based on official websites and the Tax Foundation, states that have not yet legalized are missing out on nearly $5 billion in tax revenue.

Cannabis Tax Leaders

In 2023, California raked in over $1.08 billion in cannabis tax revenue – a number that underscores the scale of the state’s weed market. Other states, like Illinois and Washington also collected hundreds of millions in tax revenue. The table below outlines cannabis tax …

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