US (MT): Voters approve adult-use cannabis tax, medical cannabis tax fails

Voters in Missoula County appear to have overwhelmingly approved a 3% local-option excise tax on adult-use cannabis products sold within the county. A proposed 3% tax on medical cannabis products failed by a slimmer margin.

The new tax will apply to the retail sales price of all adult-use cannabis products and will go into effect on Jan. 31, 2022. On Jan. 1, it will be legal for all registered medical dispensaries in Missoula County to begin selling adult-use cannabis to all adults age 21 and over within the county.

If both the adult-use and medical tax measures had been approved, they were both estimated to generate around $716,000 annually combined, based on a report from the University of Montana’s Bureau of Business and Economic Research. It is unclear how much money a tax on just recreational products would produce.
 
The county will get 50% of the revenue from the new tax, while 45% will go to the city and the remaining 5% to the state. Already in Montana, medical cannabis has a 4% state tax, and adult-use cannabis will have a 20% state tax once it is legalized.

Read the complete article at missoulian.com


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