California Cannabis Tax Revenues Soar as Industry Gets Going, But Black Market Still Dominates

by Wolf Richter
Wolf Street

Growth during the Pandemic. And the state sure needs the money.

The California Department of Tax and Fee Administration reported today that cannabis legalization and taxation in the state came in the nick of time. Just when the state is under extreme fiscal pressure, cannabis is pulling through: Cannabis tax revenues in the second quarter soared 32.6% from a year ago, to another record of $208.4 million (not including revenues collected by cities and counties). And this during the Pandemic!

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