US (CA): Cannabis tax revenue nears $4 billion, "but growth has stalled"

California has taken in nearly $4 billion in cannabis tax revenue since the state’s adult-use market launched in 2018, the Department of Tax and Fee Administration (CDTFA) reported on Thursday. But figures over the past year and a half are “flat,” legislative analysts reported.

For the first quarter of 2022, the state saw about $294 million in cannabis revenue generated from the excise, cultivation, and sales tax on cannabis.

While that’s lower than what California collected in the fourth fiscal quarter of 2021 when it received roughly $317 million in cannabis tax dollars, it’s also the case that figures are routinely updated after initial publication due to “amended and late returns and other tax return adjustments,” CDTFA said.

Cannabis tax policy in the Golden State has been a focal point of attention for stakeholders, regulators, and even the governor in recent months.

To read the complete article, go to www.marijuanamoment.net


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