Medical Marijuana Generates Millions Of Dollars in Tax Revenue!

Officials are providing data on medical marijuana’s effect on the state a month before voters decide whether or not to legalize recreational use. Revenue from January’s marijuana sales taxes was reported by the Oklahoma Medical Marijuana Authority on Tuesday.

State and Local Tax Income

The OMMA reports that in January of 2023, the state and municipal sales taxes on marijuana sales totaled $5.9 million. When purchasing medicinal marijuana products from a dispensary, patients are required to pay both state and municipal sales taxes.

State, local, and county governments all receive funding in this manner. Sales taxes collected at the state and local levels are used to fund essential public services like public schools and police and fire departments.

State Question 788 Excise Tax Revenue

According to the OMMA, the state of Oregon brought in $4.48 million in SQ 788 Excise Tax Revenue from the sale of medical marijuana in the month of January. There is a 7% SQ 788 excise tax that patients are required to pay when purchasing medicinal marijuana goods from a dispensary, according to the government.

Once the allocated budget for OMMA has been met, 75% of any remaining revenue will be allocated to the educational system. The remaining 25% of profits will go toward substance abuse treatment programs. The annual allowed budget for OMMA is around $57 million.

State Question 820

State Question 820 will be on the ballot when voters cast their ballots on March 7. The proponents of State Question 820 argue that it will effectively legalize, regulate, and tax recreational marijuana use by adults over the age of 21 in Oklahoma.

There would be a 15% federal sales tax on top of any state or local taxes applied to marijuana. Those who advocate for the change argue that it will increase state money for use in public education, healthcare, and municipal budgets. But detractors say the state should tighten up on the marijuana business, not loosen it.