Connecticut has collected more than $3.2 million in taxes through adult-use cannabis sales, according to data from the state Department of Revenue.
In four months of tax revenue returns since the adult-use cannabis market launched Jan. 10, the state has collected $3,238,810.78 in taxes, officials said.
The numbers break down as follows:
- $494,441 taxes collected in January
- $718,844.34 taxes collected in February
- $1,017,194.73 taxes collected in March
- $1,008,330.71 taxes collected in April
A representative from the state Department of Revenue said data for May won’t become available until the end of June.
The tax revenue numbers are a far cry from what the state projected in 2021, after adult-use cannabis was legalized, at least so far. In July of that year, Connecticut’s Office of Fiscal Analysis projected the state’s cannabis industry would generate $20.4 million in tax revenue in its first full year of operation, and over $55 million in its fourth year.
Per the state’s adult-use cannabis law, each purchase carries a 6.35% state sales tax, a 3% municipal tax, and between 10% to 15% additional state cannabis tax based on THC content.
