California made $345 million, not predicted $1 billion, on legal cannabis in 2018
Industry supporters say high taxes, black market to blame.
California took in $345.2 million in tax revenue from legal cannabis during the first year of regulated sales in 2018, according to figures the state released Tuesday.Taking the 'fun' out of dysfuntional (business climate).
That’s just more than a third of the $1 billion in annual revenue analysts predicted California would see once the state’s regulated cannabis industry was in full gear. But it does put the state on track to hit the revenue totals Gov. Gavin Newsom forecast in his current fiscal year budget.
Marijuana tax revenues climbed substantially in the first three quarters of the year, from $60.9 million the first quarter to $80.2 million the second quarter to a revised $100.8 million in the third quarter. But revenue narrowly grew in the fourth quarter, according to figures Tuesday from the California Department of Tax and Fee Administration.
There was $103.3 million in cannabis tax revenue in the final three months of 2018. That includes $50.8 million from California’s 15 percent excise tax on all cannabis sales, $16.4 million from the cultivation tax passed to growers and $36.1 million in sales tax on all recreational products sold.....MORE
