THE Department of Finance on Friday certified $517,868 in excise tax revenue from the cannabis industry.
In a fund status certification, Finance Secretary Tracy B. Norita said the CNMI government collected the amount as of Dec. 15, 2023. She also told Cannabis Commission Managing Director Mikiotti Evangelista that cannabis revenue requires legislative appropriation.
According to Finance, the CNMI government collected $170,682.68 in cannabis excise tax in fiscal year 2022; $283,832.88 in FY2023; and $63,372.58 so far in FY2024.
Two weeks ago, the House of Representatives passed House Bill 23-89, appropriating $380,529.33 in cannabis excise tax collection for the cannabis commission’s operation and personnel.
Authored by Rep. Diego V. F. Camacho, who chairs the House Committee on Cannabis, H.B. 23-89 states that “it is pertinent for the Legislature to exercise its power to appropriate the funds to allow the commission to continue its day-to-day operations in regulating the CNMI cannabis industry.”
The bill is now with the Senate Fiscal Affairs Committee chaired by Senate Vice President Donald Manglona.
