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California

Some CA Municipalities are reaping the economic benefits of legalization

  • California
  • Some CA Municipalities are reaping the economic benefits of legalization
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Leafly.com reports that “in pro-cannabis San Diego, officials report collecting $2.26 million in cannabis taxes from January 1 to July 13 of this year. In its budget for the current fiscal year, the city projects $5.99 million in cannabis-tax revenue total. More cannabis businesses are coming online in the city, so tax receipts will continue to rise, and might even outpace the budgeted amount.”

“Similarly, Sacramento tax coffers added $2.9 million in the first half of 2018 from cannabis sales, according to reports.”

“In the much-smaller city of Santa Rosa, right in the heart Northern California’s cannabis (and wine) country, city tax receipts from cannabis for the first quarter were $116,693 (second-quarter numbers won’t be determined until July 31).”

“And Oakland, which was unable to provide revenue amounts for the year so far, projects revenue of $11 million from cannabis sales taxes for the full fiscal year.”

California cities that approved legal cannabis sales beginning January 1 will net hundreds of millions of dollars in combined local sales tax revenues this year, an exclusive Leafly analysis has found. Meanwhile, the vast majority of the state, which continues to ban cannabis sales is on track to forfeit their millions to local street dealers.

Read more at https://www.leafly.com