Montana dispensary sales are expected to eclipse $300 million in sales in the recreational cannabis industry’s first year, creating a windfall of $45 million in tax revenue for the state.
Those numbers are combined from recreational and medical sales; recreational sales totaled more than $209 million, while medical cannabis sales total around $93 million, according to the Department of Revenue’s end-of-year estimates published online this week.
Two years ago, state analysts projected recreational sales would top out at $130 million in 2022.
The Department of Revenue’s Cannabis Control Division Administrator Kristan Barbour told the House Business and Labor Committee on Friday the department has 270 licensed businesses in the state, with 432 dispensaries statewide. A licensee is allowed an unlimited number of dispensaries — the largest business in Montana boasts 36 dispensaries.
Through the first three quarters, the state has collected more than $35 million in cannabis sales tax revenue. Fourth quarter taxes are due Jan. 15, Barbour said. Recreational cannabis sales are taxed at 20%, while medical cannabis sales are taxed at 4%.
Read more at trib.com
