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