These states are driving the cannabis industry forward with record sales

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Several states are helping the US cannabis industry set new measures of success

Since states have had their own power of choice over the legalization of cannabis, many have wanted to enter this world and explore the innumerable benefits it brings. Some have established much stronger markets than others, but all undoubtedly provide an important contribution to the overall industry as it continues to go from strength to strength. The analysis firm, Stacker, used data from the Urban Institute to rank states by share of 2022 tax revenue. Some were impressive.

California remains the undisputed champion. With $774.4 million collected through statewide cannabis excise taxes, the Golden State continues to prove it has a stranglehold on the industry.

The state was the first to dive into the wild world of cannabis legalization and its leading presence has been maintained throughout the years. While the repeal of a weight-based tax may be a small hurdle, the state collects a 15% excise tax and that pays off in a big way.

Washington is not far behind, with $517.0 million recorded on the cannabis excise tax books for last year. The Evergreen State has enjoyed legal recreational marijuana for almost an entire decade and since then, sales just keep touching the sky.

Illinois is the next player on this list. The state was able to collect $466.8 million in cannabis excise tax revenue. For exactly three years now, anyone over the age of 21 has been able to purchase recreational marijuana in Illinois. Since then, sales have grown exponentially, helping social programs for housing and mental health through tax funds.

And then there is Colorado, with statewide cannabis excise tax revenues approaching $354 million. As required by law, these funds are redirected to mental health care, housing, rehabilitation of old school buildings, and other social programs.