The Desert IndependentTM

Serving Blythe and the Desert Regions of the Southwest Since 2001

 ,

Cannabis tax revenues total $60.9 Mil in 1st Qtr


May 12, 2018

SACRAMENTO, Calif – The California Department of Tax and Fee Administration (CDTFA) today released revenue numbers for cannabis sales in the first quarter of 2018. Tax revenue from the cannabis industry totaled $60.9 million since January 1, 2018, which includes state cultivation, excise and sales taxes. It does not include local tax revenue collected by cities or counties.

In November 2016, California voters approved Proposition 64, the Control, Regulate and Tax Adult Use of Marijuana Act. Beginning on January 1, 2018, two new cannabis taxes went into effect: a cultivation tax on all harvested cannabis that enters the commercial market and a 15 percent excise tax on the purchase of cannabis and cannabis products. In addition, cannabis and cannabis products are subject to state and local sales tax at the time of retail sale.

California’s excise tax on cannabis generated $32 million in revenue for the first quarter of calendar year 2018. The cultivation tax generated $1.6 million, and the sales tax generated $27.3 million in revenue. Medicinal cannabis is exempt from sales tax if the purchaser holds a valid Medical Marijuana Identification card.

To learn more, visit the Tax Guide for Cannabis Businesses on the CDTFA website.



Please read The Desert Independent's Comments Policy before responding.



Contact Us    Advertising    Terms    Comments Policy    Submit an Article    Have a News Idea?

Copyright © 2008-2018 All Rights Reserved, The Desert Independent, LLC