Alaska Rakes in $2 Million in Marijuana Tax Revenue in a Month
October of 2019 was a record-breaking cannabis tax revenue month for Alaska. A report from KTUU, out of Anchorage, says that the state has come close to the $2 million mark in previous months, but October was the first time that barrier was broken. The state’s Department of Revenue expects the number to keep rising in 2020, with a predicted 5% increase in weed tax revenues.
In Alaska, half the tax revenue from cannabis sales goes to the Recidivism Reduction Fund, which gets paid out to the department of Corrections, department of Public Safety, and the Health and Social Services department. Another 25% of the tax revenue from weed is slotted for the Marijuana Education and Treatment Fund, run by DHSS. This program works to prevent under-aged use of cannabis. The remaining 25% of marijuana tax revenue goes into the state’s general fund.