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Arizona


MARIJUANA MONEY: WHERE ARE TAX DOLLARS FROM ARIZONA'S MARIJUANA INDUSTRY GOING?

Legal marijuana is a billion-dollar business in Arizona. 12News wanted to find
out where the tax dollars are going.
Where are tax dollars from Arizona's marijuana industry going?



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Author: William Pitts
Published: 3:56 PM MST December 15, 2023
Updated: 5:15 PM MST December 15, 2023


PHOENIX — Arizona cannabis companies have already sold more than a billion
dollars worth of product in 2023, according to state officials, bringing the
state more than $97 million in tax revenue.

Arizona legalized recreational marijuana in 2021, leading to a massive boom in
cannabis sales. In 2023 the sales topped $1 billion for the first time. 



"I have to tell you, from the era I come from, this is all surprising!" Matthew
Blum with Grow Sciences in Phoenix said. 

Grow Sciences is a marijuana producer that sells its products in dispensaries,
but does not have its own brick and mortar store. But in the last year, Grow
Sciences quintupled the amount of space it has dedicated to growing marijuana
with a massive new warehouse buildout. 

"We're very, very blessed," Blum said, "the business has been great."

That growth has largely been across the board, though not every cannabis
business has profited or even survived. But it has led to nearly $100 million
dollars in tax revenue for the state of Arizona. 

According to the Arizona State treasurer's numbers, the money is disbursed
mostly to community colleges, police and fire agencies, the Department of
Transportation and health departments around the state. 

Community colleges, first responders and ADOT get just below 30% of the tax
revenue each. 



"Everybody expected it to be a billion," Demetri Downing with the Arizona
chapter of the Marijuana Industry Trade Association said. "I think personally
there's probably a billion out there still on the table."

One of the largest changes in the last few years has been in banking. For years,
even when only medical marijuana was legal in Arizona, no bank would take the
chance on giving cannabis companies a bank account. The fear was, since
marijuana is still a Schedule 1 narcotic and federally illegal, the banks would
be inviting federal scrutiny. 

But now, there are banks that are open to cannabis businesses. Some are even
publicly traded, though only on the Canadian stock market. 

Still, Blum said, banks have yet to offer credit to cannabis businesses. Doing
so, he said, would dramatically expand the industry even further. But Blum also
believes it was take the federal government legalizing marijuana nationwide. 

  



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"Once you reschedule it, we're hoping the major banks get involved and then you
have the institutional investors and then money will open up," Blum said. 


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