Gov. Jerry Brown estimated Wednesday that the state will receive $643 million from excise taxes on marijuana during the first full year of legalization in California, much more than the cost to the state of issuing licenses and enforcing new rules.
Brown’s estimates are contained in the budget he proposed for the fiscal year beginning July 1, and fall short of some past state projections that legalized cannabis could eventually bring $1 billion annually to the state’s coffers. This year, with only six months of taxing, the budget estimates $175 million in pot taxes.
“The amount and timing of revenues generated from the new taxes are uncertain and will depend on various factors including local regulations, and cannabis price and consumption changes in a legal environment,” Brown’s budget says.
Your email address will not be published. Required fields are marked *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.
Comment *
Notify me of follow-up comments by email.
Notify me of new posts by email.
Δ
Voters will now get to decide whether to legalize recreational marijuana in a state that has a well-established medical pot marketplace. When the Florida Supreme Court earlier this month approved a November referendum on…
The legal cannabis industry is thriving in the U.S., reaching its highest-ever number of jobs and sales, a new report shows. Vangst, a cannabis industry job platform, found that at…
Maine is the newest frontier for the illicit marijuana trade, with potentially hundreds of suspected unlicensed grow houses operating in the state, a CBS News investigation has found. It’s part…
Ten years ago this month, Iowa policymakers made it legal to use cannabis for certain medical treatment, marking the start of what would eventually become Iowa’s existing medical cannabidiol program.…