Up to May of this year, Statista's Niall McCarthy notes that the state has seen more than $6 billion in total marijuana sales since the industry was given the green light.
As SafeHaven.com's Alex Kimani notes, marijuana companies face a pretty hostile tax environment.
First off, they are not allowed any tax deductions or credits for business expenses which can mean effective federal tax rates of as high as 90 percent. Hemp producers are luckier since recent changes to the law now allows them to deduct ordinary business expenses for tax purposes on condition that their products contain no more than 0.3 percent THC.
Second, most banks and financial institutions will not touch them with a 10-foot pole, meaning they have to pay their taxes in cash and not through checks or electronic means.