WEED FEED / John Ross Ferrara / Monday, May 14 @ 7:53 a.m.
Weed Feed: California’s Marijuana Tax Collections Not Meeting First-Year Projections
California’s marijuana industry has missed the mark projected by financial analysts for the first quarter, according to a cannabis tax revenue update released by the state’s Legislative Analyst’s Office last week.
“In its January budget proposal, the administration estimated that 2017-18 cannabis excise tax revenue would total $175 million,” the tax update reads. “The state collected $34 million in cannabis excise tax revenue in the first quarter of 2018. Based on this quarterly tally, we think that 2017-18 revenue likely will be somewhat lower than the administration’s January estimate.”
According to current trends, California’s marijuana industry is set to bring in $136 million in additional tax revenue this year — $39 million less than previously projected.
Despite the marijuana market’s shortfall, the Sacramento Bee reports that California’s total tax revenue is currently $3.6 billion ahead of Governor Jerry Brown’s estimations.
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