Fairbanks city, borough take in $1M in pot taxes for 2018

Published: Jan. 15, 2019 at 8:49 AM AKST
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The city of Fairbanks and the Fairbanks North Star Borough will collect more than $1 million in taxes on marijuana for 2018.

The Fairbanks Daily News-Miner reports the bulk of the tax was collected by the city, which has a larger concentration of stores selling pot.

Marijuana sales are taxed at 5 percent, meaning stores within the city and borough did more than $20 million in business.

City chief financial officer Carmen Randle says the tax collected exceeded her expectations.

The city projected taxes of $600,000 and the city's final tally will be upward of $900,000 after December proceeds are tallied.

Randle says the money collected from pot sales has helped city finances as state support for local governments has decreased.

The borough already has collected $138,000 in marijuana tax.