How much has MS made in first 3 quarters of medical cannabis sales? Here are the stats
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In Mississippi’s first three quarters selling cannabis, the state collected $698,000 in taxes, according to the U.S. Department of Commerce. Totals for the fourth quarter were not available.
The state collects two types of taxes related to the sale of medical cannabis.
- Cultivators pay 5% excise tax on the first sale or transfer of the product if the cultivator has sold to a processing facility or transferred between related entities like parent companies or franchises.
- Medical cannabis dispensaries charge 7% sales tax for each sale. In Jackson and Tupelo, collect special tax levies to spend on local initiatives.
Cannabis sales taxes represent less than .01% of state taxes collected, lower than nearly all states that sell cannabis.
Excise taxes and licensing fee collection officially started on July 1, 2022, but taxes weren’t collected until licensing and cultivation were underway in January 2023.
In the first quarter the state started licensing and selling medical cannabis, Mississippi collected $77,000 in taxes.
Here’s what the state collected in first three quarters of cannabis sales
2023 quarter 3
- Total cannabis taxes collected: $290,000
- Down 12.52% from the previous quarter.
2023 quarter 2
- Total cannabis taxes collected: $331,000
- Cannabis taxes were up 330.61% from the previous quarter
2023 quarter 1
- Total cannabis taxes collected: $77,000
This story was originally published February 20, 2024 at 5:00 AM.
