California Marijuana Sales Climbing Despite Coronavirus, State Report Shows

California took in more than $208 million in marijuana tax revenue during the last quarter, slightly exceeding figures from the first quarter of the year, the California Department of Tax and Fee Administration (CDTFA) announced on Wednesday. While numerous industries are suffering amid the coronavirus pandemic, the report from California is another example of how the cannabis market seems to be riding out the storm. “Total tax revenue reported by the cannabis industry is $208.4 million for 2nd Quarter returns due by July 31, 2020. This does not include tax revenue collected by each jurisdiction,” the department said in a press release. “Previously reported revenue for 1st Quarter 2020 returns was revised to $205.9 million, which included $107.4 million in cannabis excise tax, $26.9 million in cultivation tax, and $71.6 million in sales tax.” All told, the state has seen $1.45 billion in marijuana tax revenue since retail sales were implemented in 2018. That’s from a combination of excise, cultivation and sales taxes. According to a recent study, that revenue could be significantly stronger if local bans on cannabis businesses were lifted. Currently, 75 percent of cities and counties in the state have implemented marijuana market bans despite the 2016 statewide vote to legalize the plant for adult use. CDTFA is also working to hold illicit marijuana operators in the state accountable and announced last month that it had issued tax warrants for twelve cannabis retailers that were doing business illegally in Los Angeles and San Bernardino counties. While the…

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Source : MJ moment
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