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In recent years, the US state cannabis sector has proven resilient and lucrative. One of the few industries declared indispensable at the start of the coronavirus pandemic, cannabis sales grew month by month, providing states with much-needed tax revenues at a time when their coffers were tight. More than a dozen states have legalized recreational marijuana, and this year alone New York, New Mexico, Virginia, and Connecticut passed adult use laws, bringing the total number of states with recreational markets to 19.
As these recreational cannabis markets mature, experts predict that states will generate higher tax revenues thanks to increased sales. In 2020, California and Colorado generated the most excise tax revenues from cannabis, at $ 526 million and $ 307 million, respectively. California and Colorado are projected to raise $ 757 million and $ 411 million, respectively, in 2021.
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