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California is closing in on $2 billion in cannabis tax revenue

As 2020 rolls toward its merciful conclusion, one positive has emerged: Cannabis is one of the country’s hottest industries and shows no sign of slowing anytime soon. States such as California, Colorado, and Illinois continue to set sales records.

The turning point came for many states during the pandemic. After local governments declared cannabis an essential business, dispensaries across the country saw sales continue to climb. Even as they gave up other purchases, people still ordered both recreational and medical cannabis during the lockdowns.

As the year progressed, cannabis sales figures in states that just legalized marijuana, such as Michigan and Illinois, revealed that the demand for cannabis continued to accelerate even after the rush of pent-up demand in the first few months of legalization.

Here’s where things stand in a few states where cannabis sales have set records in 2020.

California

In its most recent filing, the California Department of Tax and Fee Administration (CDTFA) reported that since legal recreational marijuana sales started in January 2018, the state has taken in more than $1.8 billion in revenue through the cannabis excise tax, cultivation tax, and sales tax. That number is sure to get cash-starved government officials’ attention at both the state and federal level.

The CDTFA further reported cannabis industry sales of $306.7 million in the third quarter of 2020 that ended at the beginning of November. That’s a new high for quarterly sales figures.

To Read The Rest Of This Article By Dispensaries.com on Green Entrepreneur

Published: December 17, 2020

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