Sacramento, Calif.—The California Department of Tax and Fee Administration (CDTFA) released revenue numbers for cannabis sales in the first quarter of 2018.
Tax revenue from the cannabis industry totaled $60.9 million since January 1st.
This includes the state cultivation, excise, and sales tax.
It does not include local tax revenue collected by cities and counties.
In November 2016, California voters approved Proposition 64, the Control, Regulate and Tax Adult Use of Marijuana Act.
On January 1st two new cannabis taxes went into effect: a cultivation tax on all harvested cannabis that enters the commercial market and 15 percent excise tax on the purchase of cannabis and cannabis products.
In addition cannabis and cannabis products are subject to state and local sales tax at the time of the retail sale.
California’s excise tax on cannabis generated $32 million in revenue for the first quarter of the calendar year 2018.
The cultivation tax generated $1.6 million, and the sales tax generated $27.3 million in revenue.
Medical cannabis is exempt from sales tax if the purchaser holds a valid Medical Marijuana Identification card.
- Marijuana Tax Brings in over $60 Million in First Quarter
- Tri Counties Bank Quarter Century on NASDAQ
- Marijuana Business Tax Considered at Oroville City Council
- $48M Collected in 3 Months from CA Marijuana Taxes
- Federal Reserve Raises Key Interest Rate by a Quarter-Point
- UPDATE: Firefighters Mop Up Quarter-Acre Fire in Yankee Hill
- Chico Politicians Talk Marijuana Policy
- Petco Honors Chico Woman for Fostering 60+ Dogs
- Santa Barbara County marijuana farm burglarized
- New California laws cover immigration, marijuana, education