Lead photo via Flickr user Tracy Olson
After more than a decade of running a medical marijuana (MMJ) program with its own ups-and-downs, Montana is finally raking in tax revenue from legal weed. The state’s first round of cannabis tax collections began this month, with medical marijuana providers in the Big Sky State turning over 4% of a reported $9.5 million in total revenue directly to the tax man.
According to Montana Public Radio, Montana tax officials have padded state coffers with $380,000 in cannabis revenue from the months of July, August, and September, putting the state well on its way to a year-long goal of $1 million in weed-fueled funding.
Montana’s medical marijuana tax was implemented this past summer, with a 4% sales tax scheduled to be levied through the end of 2017, at which point the tax will drop to 2% for the foreseeable future.
Like most states collecting funds from legal cannabis, Montana’s marijuana tax revenue has featured a significant number of cash payments from its MMJ sector. Thanks to federal prohibition, a vast majority of American banks refuse to deal with canna-businesses. Still, most of Montana’s first tax payments were…