NEW YORK.svg

bottom_navigation

Cannabis Accounting in New York

<h2 id="whatisthetaxrateformarijuanainnewyork">What is the Tax Rate for Marijuana in New York?</h2>
<h4 id="adultusecannabisproductstax"><strong>Adult-Use Cannabis Products Tax</strong></h4>
<p>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:</p>
<ul>
<li><strong>9%</strong> tax on the amount charged for the sale or transfer of adult-use cannabis products from a distributor to a retailer.</li>
</ul>
<h4 id="excisetaxonmedicalcannabis"><strong>Excise Tax on Medical Cannabis</strong></h4>
<p>From June 1, 2024, the excise tax on medical cannabis has been adjusted:</p>
<ul>
<li><strong>3.15%</strong> tax on the gross receipts from sales of medical cannabis by a registered organization to a certified patient or designated caregiver.</li>
</ul>
<h2 id="newyorkcannabisindustrytaxes">New York Cannabis Industry Taxes</h2>
<p>This table presents the collected taxes from <a href="https://newyorkstatecannabis.org/business">marijuana businesses in New York</a>, specifically from the Adult-Use Cannabis Products Tax and Medical Cannabis Excise Tax.</p>

<table>
<thead>
<tr>
<th><strong>Fiscal Year</strong></th>
<th><strong>Adult Use Cannabis</strong></th>
<th><strong>Medical Marijuana</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>2022-23</td>
<td>$1,222,595</td>
<td>$11,628,774</td>
</tr>
<tr>
<td>2021-22</td>
<td>-</td>
<td>$12,908,711</td>
</tr>
<tr>
<td>2020-21</td>
<td>-</td>
<td>$8,411,022</td>
</tr>
</tbody>
</table>
<p>Last Updated: June 27, 2024</p>
<p>Source: New York State Department of Taxation and Finance</p>

Explore the latest and historical data for the sales taxes collected by New York businesses. Gain valuable insights into the state's evolving cannabis business program at NewYorkStateCannabis.org

New York Marijuana Tax Revenue 2024

Related Pages:

What is the Tax Rate for Marijuana in New York?

Adult-Use Cannabis Products Tax

Excise Tax on Medical Cannabis

New York Cannabis Industry Taxes

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