Here's How California Would Spend Its Expected $1 Billion in Marijuana Tax Revenue
The Nov. 8 election can't come quickly enough for some people -- especially for supporters of California's recreational marijuana legalization initiative, Prop 64.
Prop 64 would legalize recreational cannabis for adults aged 21 and up and impose a 15% sales tax at the retail level on consumers. Additionally, growers would be subject to a $9.25 per ounce tax on marijuana flowers, and a $2.75 per ounce tax on cannabis leaves, at the wholesale level. If approved, cannabis research firm New Frontier estimates that marijuana sales in California could jump from $2.76 billion in 2015 (solely from medical cannabis) to $6.46 billion by 2020. This more than doubling in sales could lead to the state of California collecting more than $1 billion in annual tax and licensing revenue as a result.
Early indications would suggest that Prop 64 has a good chance of passing. Nationally, Gallup puts support for marijuana in...
This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.
Follow us on Instagram
Connect with us on Linkedin