New York Marijuana Tax Revenue 2024
- New York Cannabis
- Cannabis Business in New York
- New York Marijuana Tax Revenue
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
