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California Legal Cannabis Sales Exploded. And California Is Cashing In

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California Legal Cannabis Sales Exploded. And California is Cashing In

Submitted by Marijuana News on Mon, 11/30/2020 - 10:48

Cannabis tax revenues in Q3 collected by the State of California soared by a record 80% year-over-year, and by a record of $136 million year-over-year, to a $307 million, the California Department of Tax and Fee Administration reported Monday afternoon. This does not include tax revenues collected by cities and counties. All three categories surged: Excise Tax (+90%), Cultivation Tax (+80%), and Sales Tax (+66%).

This brought California’s cannabis taxes during the first nine months of 2020 to $778 million, and on track to exceed $1 billion for the whole year, a sorely needed injection of moolah during these trying times:

Cannabis has always been a popular product and business in California in a huge black market that persists today, but what we’re looking at is the shift of black-market weed to regulated and taxed legal weed, much of it locally grown, and sold at retailers that are paying rent, unlike other retailers that have shut down or stopped paying rent.

Source: https://420intel.com/articles/2020/11/30/california-legal-cannabis-sales-exploded-and-california-cashing

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