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|July 22, 2018|
California made $60.9M in tax revenue from cannabis industry in first quarter
SACRAMENTO--Tax revenue from the cannabis industry totaled $60.9 million in the first quarter of 2018, according to the California Department of Tax and Fee Administration.
That amount includes state cultivation, excise and sales taxes and does not include local tax revenue collected by cities or counties, the CDTFA said in a news release.
Begining on Jan. 1, two new cannabis taxes went into effect, a cultivation tax on all harvested cannabis that enters the commercial market and a 15 percent excise tax on the purchase of cannabis and cannabis products. Also, cannabis and cannabis products are subject to state and local sales tax at the time of retail sale, the CDTFA said.
Within the first quarter of calendar year 2018, the cultivation tax generated $1.6 million, the excise tax generated $32 million, and the sales tax generated $27.3 million in revenue, according to the department.
Medicinal cannabis is exempt from sales tax if the purchaser holds a valid Medical Marijuana Identification card. (Source: ABC7)
Story Date: May 18, 2018