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December 26
1873 - Vasquez gang raids Kingston in (now) Kings County; ties up townspeople, makes off with $2,500 in cash and jewels [story]
Kingston
State Cannabis Tax Revenue Tops $60 Million in First Quarter 2018
| Friday, May 11, 2018
Marijuana | Photo: Insurance Institute for Highway Safety

Sacramento – The California Department of Tax and Fee Administration on Friday released revenue numbers for cannabis sales in the first quarter of 2018.

Tax revenue from the cannabis industry totaled $60.9 million since January 1, 2018, which includes state cultivation, excise and sales taxes.

It does not include local tax revenue collected by cities or counties.

In November 2016, California voters approved Proposition 64, the Control, Regulate and Tax Adult Use of Marijuana Act.

Beginning on January 1, 2018, 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.

In addition, cannabis and cannabis products are subject to state and local sales tax at the time of 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.

Medicinal cannabis is exempt from sales tax if the purchaser holds a valid Medical Marijuana Identification card.

To learn more, visit the Tax Guide for Cannabis Businesses on the CDTFA website.
Comment On This Story
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3 Comments

  1. Jon Capi says:
    Friday, May 11, 2018 at

    And Santa Clarita didn’t see a red cent of it. #SCVcitycouncilwhores

    Reply
  2. John Whitlaw says:
    Saturday, May 12, 2018 at

    And the state is still broke

    Reply
  3. Katie Tereska-Coyle says:
    Saturday, May 12, 2018 at

    And we still pay the highest gas prices

    Reply

Leave a Comment
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