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.
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.Share on Facebook