OKLAHOMA CITY – Medical marijuana last month produced its second-highest level of taxes in nearly two years. The State of Oklahoma collected more than $5 million in August from the medical marijuana tax for the fourth consecutive month.
The 7% excise tax on MMJ generated nearly $5.49 million in tax receipts last month. Those collections indicated that sales of MMJ products totaled $78.4 million in August and averaged $229 for each of the state’s 342,263 licensed MMJ patients.
The 7% MMJ tax, coupled with the 4.5% state sales tax and local sales taxes, produced $12.28 million in August, the Oklahoma Tax Commission reported last week. Tax collections from sales of medical marijuana products have climbed to new highs in 18 of the last 23 months.
To date, taxes collected on sales of medical marijuana products – including the MMJ excise tax plus state and local sales taxes – have exceeded $136.5 million.
At least seven communities in southwest Oklahoma (including Lawton, Medicine Park, Altus, Duncan and Marlow) registered increased tax collections from MMJ in August than they did in July, while half a dozen others (Elgin, Rush Springs, Frederick, Cement and Comanche) recorded losses. Elgin’s receipts plunged 79% during that period, Tax Commission ledgers refl ect.