How much money does California make from legal cannabis? – Red-haired black belt

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The California Department of Tax and Fee Administration (CDTFA) reported sales figures for cannabis sales for the second quarter of 2021. On August 17, 2021, the California cannabis consumption tax generated sales of 172.3 million August 2021, and the cultivation tax was 40.4 Million dollars.

Sales tax revenues from cannabis companies were $ 120.5 million for the same period. Sales tax applies to the sale of cannabis, cannabis products, and other tangible personal items. Certain retail medical cannabis sales are exempt from sales and use tax if the purchaser presents a valid California Department of Health and Medical Marijuana ID and government-issued ID at the time of purchase.

The total tax revenue reported by the cannabis industry is $ 333.2 million for the second quarter statements. This does not include the tax revenue collected by each jurisdiction. The previously reported sales for income from the 1st quarterly data revisions are the result of changed and late tax returns, as well as other adjustments to the tax return. Cannabis tax revenue data is available on the CDTFA Open Data Portal.

As of January 2018, the program has had total revenues of $ 2.8 billion, including $ 1.4 billion in cannabis excise tax, $ 347.4 million in cultivation tax and $ 1.0 billion in sales tax.

In November 2016, California voters approved Proposition 64, the law to control, regulate, and tax the use of marijuana by adults. As of January 1, 2018, two new cannabis taxes came into effect: a cultivation tax on all harvested cannabis that enters the commercial market, and a cannabis consumption tax of 15 percent on buyers of cannabis and cannabis products. In addition, retail sales of cannabis and cannabis products are subject to state and local sales taxes. To learn more, visit the Cannabis Company Tax Guide on the CDTFA website.

The California Department of Tax and Fee Administration (CDTFA) administers California’s sales and consumption, fuel, tobacco, alcohol, and cannabis taxes, as well as a variety of other taxes and fees that fund certain government programs. CDTFA-managed programs total more than $ 73 billion annually, which in turn enables local essential services such as transportation, public safety and health, libraries, schools, social services and natural resource management programs by distributing taxpayers’ money directly to local ones Authorities are supported communities.