New York Marijuana Tax Revenue 2024

What is the Tax Rate for Marijuana in New York?

Adult-Use Cannabis Products Tax

Starting June 1, 2024, New York State has updated its tax structure for adult-use cannabis products. The THC-based tax rates are replaced with a single percentage-based tax rate:

  • 9% tax on the amount charged for the sale or transfer of adult-use cannabis products from a distributor to a retailer.

Excise Tax on Medical Cannabis

From June 1, 2024, the excise tax on medical cannabis has been adjusted:

  • 3.15% tax on the gross receipts from sales of medical cannabis by a registered organization to a certified patient or designated caregiver.

New York Cannabis Industry Taxes

This table presents the collected taxes from marijuana businesses in New York, specifically from the Adult-Use Cannabis Products Tax and Medical Cannabis Excise Tax.

Fiscal Year Adult Use Cannabis Medical Marijuana
2022-23 $1,222,595 $11,628,774
2021-22 - $12,908,711
2020-21 - $8,411,022

Last Updated: June 27, 2024

Source: New York State Department of Taxation and Finance