California collects $60.9 million in cannabis tax revenue for Q1

People smoke marijuana joints at 4:20 p.m. as thousands of marijuana advocates gather in Golden Gate Park in San Francisco, California April 20, 2012.
People smoke marijuana joints at 4:20 p.m. as thousands of marijuana advocates gather in Golden Gate Park in San Francisco, California April 20, 2012. (Image via Reuters)

The State of California has received $60.9 million in cannabis tax revenue in the first three months of 2018, the state’s Department of Tax and Fee Administration reported.

Cultivation tax and a 15 percent excise tax were enforced on Jan. 1 when California legalized recreational marijuana.

The cultivation tax was added to all harvested cannabis that went into the commercial cannabis market while the 15 percent excise tax was added to the purchase of cannabis and cannabis-based products.

California Taxes accumulate 60.9 million in taxes in 1st 3 months of 2018 Image via - California collects $60.9 million in cannabis tax revenue for Q1
California Taxes accumulate $60.9 million in taxes in 1st 3 months of 2018 (Image via Homegrown)

In addition, state and local sales taxes are added to all cannabis and cannabis-based products.

The California Department of Tax and Fee Administration has implemented the taxes.

The department has reported that in Q1 cultivation tax made $1.6 million, excise tax made $32 million and sales tax made $27.3 million in revenue.

Comments
Please follow and like us:

LEAVE A REPLY

Please enter your comment!
Please enter your name here