City Of Oakland Considers Ways To Share In Pot Profits
In California, the city of Oakland was the first to regulate and tax medical marijuana dispensaries. Now, some city leaders see the industry's profits and are proposing to take a bigger piece of the action. The Oakland City Council is voting later this month on a pot profit-taking plan.
Harborside Health Center in Oakland is the largest medical marijuana dispensary in the nation.
Its executive director, Steve DeAngelo, says his dispensary brings in about $30 million in annual revenues.
"We've created over a 150 well-paying jobs and we're the second largest retail taxpayer in the city," he says.
DeAngelo says Harborside pays about $1.5 million in taxes every year.
His operation is one of eight licensed dispensaries in Oakland. But there are scores of other pot businesses that operate semi-legally, meaning they pay taxes but they are not fully licensed. And now the city wants to license them, too, but...
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