California Takes in $306.7 Million from Pot Revenue in 3rd Quarter
California’s cannabis tax revenue hit $306.7 million during the third quarter of 2020, bringing total revenue to $772.6 million for the year so far. That’s according to new data from the state Department of Tax and Fee Administration.
The new numbers represent an 80% year-over-year increase. They do not include city and county revenues.
There was $205.9 million raised in the first quarter and $260.2 million in the second. Since commercial cannabis was legalized, the state has taken in $1.8 billion. $906.4 million came from the cannabis excise tax. The cultivation tax accounted for $223.3 million and the sales tax yielded $682.9 million.
Cannabis has proved especially resilient during the COVID-19 pandemic, thanks in large part to its designation as an essential service. The black market continues to undercut the legal industry, however. Cannabis industry officials are hoping to further blunt illegal sales in 2021.