Minnesota collected nearly $600,000 in tax revenues from cannabis-infused gummies and drinks last month, according to state Department of Revenue data outlined by CBS News. The agency indicated it had received more than $594,000 from 571 businesses from July sales of cannabis products, which includes hemp-derived products that contain THC sold at retailers throughout the state. Â
If the early figures are any indication of the state market, annual sales of the products could surpass $70 million, amounting to $7 million annually in tax revenues for the state. Â
The state’s legalization law imposes a 10% gross receipts tax on the sale of products that contain THC, including hemp products that were legalized a year ago but hadn’t been assessed a separate tax, MPR News reports. Â
Adult-use products are not yet available in the state and might not be for at least a year, according to MPR News. Adult-use cannabis sales in the state are projected to bring in $42 million from the gross receipts tax in the first two years but total as much as $120 million in the two years after that. Medical cannabis sales are not subject to any taxes and will not be taxed once the adult-use market rolls out. Â
Get daily cannabis business news updates. Subscribe
Thanks for reading our latest news article. Stay up to date on the latest hemp news, sourced and approved by HempRevs. If you have any questions or comments, please feel free to leave us a message in the comments!
Sign up for our weekly newsletter to stay up to date on the latest Industry news and keep a look out for our next post!
Source Disclaimer: This article was was sourced from Ganjapreneur.com (the Original Publisher). In order to maintain the functionality, trust, and safety of HempRevs.com, the content sourced from the Original Publisher may have been altered. Read the original article here:
Minnesota Collects About $600K in Taxes from First Month of THC Tax
