California Pot Tax Revenues Continue to Soar
California brought in $817 million in recreational cannabis tax revenue for the 2020-2021 fiscal year, according to the nonpartisan Legislative Analyst’s Office. That’s a 55% increase in revenue over the prior fiscal year and doesn’t even include all the local tax revenue.
In the fourth quarter alone, the state earned $212 million, which is nearly tied with the first quarter for the most dollars raised in a three-month period since legalization. A later revision could put all those figures even higher.
According to the California Department of Tax and Fee Administration, recreational sales have yielded $2.8 billion in revenue since 2018 ($1.4 billion in excise tax, $347.4 million in cultivation tax, and $1 billion in sales tax).