How Much Money Does Weed Make In California

California nerveless about $817 million in adult-use marijuana revenue enhancement revenue during the 2020-2021 fiscal yr, state officials estimated on Monday. That's 55 percent more than cannabis earnings for state coffers than was generated in the prior fiscal year.

The nonpartisan Legislative Analyst'southward Part said combined excise and cultivation tax revenue for the quaternary quarter, which ended in June, amounted to $212 one thousand thousand—roughly tying the first quarter of the fiscal year for the most taxation dollars raised in any unmarried 3-month menses since legal sales launched.

The new figures do not accept into account additional regular sales taxes generated from cannabis, nor do they include any local revenues to municipalities where the transactions take identify.

Remarkably, this trend of increased sales and tax acquirement has been occurring amid the coronavirus pandemic, which forced many businesses to close and contributed to rising unemployment. The marijuana market as well thrived in spite of the fact that cannabis businesses are ineligible for federal aid that was afforded to other industries.

Preliminary tally of 2020-21 cannabis tax revenue: $817 one thousand thousand. https://t.co/H7PAegOcwV pic.twitter.com/v3U0S1UHOb

— California Economic system & Taxes (@LAOEconTax) Baronial 23, 2021

And the new figures are simply a preliminary tally of the state's cannabis revenue haul, equally it is typically the example that some businesses file their returns late and the quarterly totals are then adjusted upward. Last quarter's corporeality was revised in the new report, for example, from an initial estimate of $163 1000000 to a new total of $197 meg.

A carve up assay of the new data released by the California Section of Taxation and Fee Administration points out that since January 2018, total recreational marijuana revenue to date for the state is $2.8 billion, which includes $1.4 billion in excise tax, $347.4 million in cultivation tax and $ane billion in sales revenue enhancement.

California isn't an isolated example when it comes to strong cannabis sales. A contempo scientific assay of sales data in Alaska, Colorado, Oregon and Washington State found that marijuana purchases "have increased more during the COVID-nineteen pandemic than in the previous two years."

In July solitary, at least three states saw record-breaking sales for recreational cannabis. The same goes for Missouri'due south medical marijuana program.

Illinois saw almost $128 million in recreational cannabis purchases terminal month—more than double the total monthly sales from a year ago. July marks the fifth consecutive month that sales in Illinois'due south adult-use market have topped $100 1000000. If the trend continues, the country is on rail to see more than $i billion in adult-use marijuana sales in 2021.

Developed-use marijuana sales in Maine reached $ix.iv million in July—a 45 percentage increment from the prior month'south record.

Michigan marijuana sales bankrupt another tape final month with more than $171 million in cannabis transactions, co-ordinate to data from a state regulatory body. There were $128 1000000 in adult-use sales and $43 meg in medical cannabis purchases in July.

Throughout the pandemic, many states allowed cannabis retailers to remain open—with governors and regulators in several markets declaring marijuana businesses to be essential services—and some jurisdictions issued emergency rules allowing curbside pickup, delivery services or other more relaxed policies in order to facilitate social distancing.

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