Montana residents bought cannabis for more than $ 1.5 million on the opening weekend

By Nicolas Jose Rodriguez

The Montana recreational cannabis market posted sales of $ 1.5 million for the first weekend, the state Treasury Department reported, helenair.com. With a statewide sales tax of 20% on recreational cannabis, this opening weekend adds up to $ 313,396 in state tax revenue. The 4% tax on the $ 432,617 medical sales earned the state an additional $ 17,305 in tax revenue.

“The adult use program went smoothly with the department’s supported IT systems,” said Kristan Barbour, administrator of the Cannabis Control Division, in an email to the portal. “We successfully verified with the industry that our licensing and seed-to-sales systems were working on Friday to ensure a successful start on Saturday, January 1st, 2022. The successful start was the result of hard work and planning by the employees. in the last six months to master the challenges of implementing HB 701. “

Photo by colnihko / Getty Images

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In 2020, Montana officially became the 14th state to legalize adult cannabis, with 58% of voters saying yes to the initiative in the November election. The initiative legalized the possession and use of one ounce or less of cannabis or eight grams or less of marijuana concentrate by adults over the age of 21.

Retail marijuana sales for adults ages 21 and older began in Montana on January 1, 2021.

Adults are now allowed to buy up to an ounce of cannabis at a time. Governor Greg Gianforte (R) signed a law implementing legalization in March, and then a legislative body approved the rules for the adult use program in December.

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Additionally, citizens can now legally grow certain amounts of marijuana. Cannabis and cannabis-infused products are taxed at 20%, and individuals previously convicted of cannabis crimes can apply for re-conviction or for their conviction to be overturned.

This article originally appeared on Benzinga and was republished with permission.