California passes $1 billion in cannabis tax revenue two years after launching legal market

  • California passes $1 billion in cannabis tax revenue two years after launching legal market
  • California has raised $1 billion in cannabis tax revenue since the industry kicked into gear in January 2018, according to figures recently released by the state.
  • Though growth has been slower than expected, and legal operators continue to be hurt by the persistence of the illicit cannabis market, cannabis tax revenues have been rising, from $72.6 million in the first three months of legalized sales in 2018 to $172.7 million in the last three months of 2019.
  • All cannabis legally sold in California comes with a 15% excise tax, a cultivation tax by weight and regular state sales tax.
  • In the following weeks, Kiloh said surrounding licensed businesses reported a 25% jump in sales.

Read full article: ocregister.com