California Gov. Gavin Newsom said on Wednesday that legal marijuana sales have generated nearly $8.4 billion in tax revenue for the state since voters approved recreational cannabis in 2016, including almost $4.5 billion in cannabis excise taxes and nearly $3.4 billion in sales taxes.
California marijuana taxes have raised nearly $8.4 billion since 2016 legalization, Newsom says
California Gov. Gavin Newsom said on Wednesday that legal marijuana sales have generated nearly $8.4 billion in tax revenue for the state since voters approved recreational cannabis in 2016, including almost $4.5 billion in cannabis excise taxes and nearly $3.4 billion in sales taxes.
In the second quarter of this year alone, the state collected more than $261.7 million in marijuana taxes, according to the governor's office. Newsom said the revenue funds programs including childcare and early childhood development, youth substance abuse prevention, medical research, and environmental recovery.
Officials also highlighted an August seizure of $13.3 million worth of illicit marijuana and tobacco products as part of the administration's efforts to enforce against unlicensed cannabis operators. California Department of Tax and Fee Administration Director Trista Gonzalez said removing illicit cannabis protects licensed businesses and consumers.
Earlier this week, Newsom signed legislation more clearly defining types of marijuana packaging and labeling prohibited for appealing to children. He also recently signed a bill aimed at streamlining research on marijuana and psychedelics.
Last October, Newsom vetoed a bill that would have allowed certain marijuana microbusinesses to ship medical cannabis products directly to patients via carriers such as FedEx and UPS, saying the proposal 'would be burdensome and overly complex to administer.' In September of last year, he signed a measure pausing a recently enacted tax increase on marijuana products.
- The source does not identify which lawmaker put a bill to legalize cannabis dispensary drive-thru windows on hold.
- The source does not state how total cannabis tax revenue breaks down by year or how collections have trended over time.
- The source does not state how the $8.4 billion figure compares to original revenue projections made at the time of legalization.
- The source does not name or provide details about the legislation Newsom signed addressing marijuana packaging and labeling.
- The source does not state which agency conducted the August $13.3 million illicit cannabis and tobacco seizure or where it occurred.
- The source does not provide the treasurer's name.
Read the original at Marijuana Moment