Technically, Louisiana passed a medical cannabis therapeutic measure back in 1978 (Act No. 725). However, that law never became operational since the Louisiana Department of Health never followed through with the law’s mandate to source cannabis for approved cancer and glaucoma patients. The law has since been amended several times over the years.
“Initially, Louisiana’s 2015 medical marijuana law did not allow inhaled cannabis. In 2019, the legislature approved allowing the vaporization of marijuana via a “metered-dose inhaler.” In 2021, the legislature and governor approved allowing smoked or “raw or crude” cannabis, starting on January 1, 2022.” states the Marijuana Policy Project.
Louisiana’s medical cannabis program is not like most other states, with the medical cannabis program operating on a ‘sunset’ provision. The program was initially slated to end in 2020 and was extended to 2025, but a legislative measure that was approved by both chambers and sent to the governor for signage would extend the program into 2030.
According to a new study by financial lender Lending Tree, Louisiana collected $993,000 in cannabis tax revenue, a 61.2% increase from 2022 when the state collected an estimated $616,000 from cannabis sales taxes. The Lending Tree analysis, which relied on data from the U.S. Census Bureau for its examination, also determined the following:
- In 2023, states collected $2.86 billion in excise cannabis tax revenue, down from $2.88 billion in 2022
- Missouri saw the biggest year-over-year jump (355.5% from $14.79 million in 2022 to $67.36 million in 2023) in revenue generation, with New York (184.1%) coming in second, and Louisiana (61.2%) coming in third
- California experienced the largest drop in cannabis tax revenue between 2022 and 2023 (20.4%), followed by Colorado (16.0%), and the District of Columbia (14.8%)
- California collected more in cannabis sales tax than any state in 2023 ($567.35 million), followed by Washington ($460.28 million), and Illinois ($278.17 million)
Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.
Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:
- 2024: $31.4 billion (9.1% growth from 2023)
- 2025: $35.2 billion (12.1% growth from 2024)
- 2030: $67.2 billion
- 2035: $87.0 billion
The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to a newly released analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.
“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.
The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a new report by the Marijuana Policy Project.
“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy project stated in a press release.