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Marijuana Legalization: California Looking At $1B Tax Bonanza From Legal Pot

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Submitted by Marijuana News on Thu, 12/01/2016 - 08:44

Legalization of recreational use of marijuana could mean a tax bonanza for California with tax collectors already taking the first steps toward getting a handle on the emerging industry.

The California Board of Equalization approved a proposal Tuesday to ask for funds to hire staff in anticipation of 2018 when legalization of recreational use kicks in after California voters decided Nov. 8 to approve Proposition 64. As many as 25,000 cultivators are expected to register and begin paying taxes. The board expects to need $20 million by 2021 to support a staff of 114.

State analysts estimate local governments could see $1 billion in revenue from the production and legal sale of marijuana even though pot remains illegal on the federal level, and it is unclear how the incoming administration will deal with the patchwork of laws across the country.

Eight U.S. states and the District of Columbia allow recreational use...

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