California has raised $60.9 million in cannabis sales through the first quarter of 2018, after recreational cannabis sales began on Jan 1. The state levies a 15 percent excise tax on recreational purchases along with state and local sales taxes. Medical cannabis sales are exempt from the taxes.

“California’s excise tax on cannabis generated $32 million in revenue for the first quarter of calendar year 2018. The cultivation tax generated $1.6 million, and the sales tax generated $27.3 million in revenue.” – California Department of Tax and Fee Administration in a press release

Lawmakers are considering legislation to temporarily lower the tax rate. The bi-partisan legislation is meant to help the legal cannabis industry compete with the illicit market. That bill, which passed the Committee on Business and Professions this week, would reduce the excise tax from 15 percent to 11 percent and suspend the $148-per-pound tax on cultivation.

California Department of Finance Director Michael Cohen told KQED that the cannabis tax revenues were lower than expected. The state had projected $185 million in revenues from the first six months of legal sales.

“We are expecting that to turn over time and ramp up as more people get licensed and as more people get into the system.” – Cohen to KQED

State officials projected revenues of $630 million from cannabis taxes next fiscal year.

Do you own a cannabis industry business? Create a listing in our directory and get discovered by new clients - Click Here
.

Tags: , | Categories: Recreational Cannabis News

Learn about cannabis businesses:

View the directory | Get featured here

  • Sapphire Risk Advisory Group

    Sapphire is an organization of professionals whose careers are centered on the science of preventing crime and increasing pro-business results through the implementation of controls and processes. Our vision is to create environments that are crime adverse due to strategic planning and foresight. Sapphire will be in your corner with advice and counsel as long as your organization is continuing to grow.

  • GRND: Global Recruiting Network Development

    GRND is a global recruiting agency that specializes in executive recruiting. GRND recruits and retains elite professionals that bring leadership, ethics, professionalism, and innovation to the cannabis industry. At GRND, we’ve created a culture of community that stretches across continents. We value our candidates and clients by bringing value to their lives and businesses. When we work together, we grow together. Ready To Grow?

  • TRIM Media House

    TRIM Media House is a full-service digital marketing agency with a heavy focus in visual content creation, website design, photography, and videography. If you are trying to navigate the digital arena when it comes to your brand, we would love to talk to you!

  • eBottles 420

    The ultimate online resource for packaging supplies: we offer multiple options for every item you would possibly need, from vape cartridges to concentrate jars to child-resistant bottles.

  • MarijuanaDoctors.com

    MarijuanaDoctors.com was founded as the trusted gateway for patients searching for medical marijuana treatment in legal medical marijuana states. We provide patients visibility and transparency in selecting a doctor and setting an appointment for a medical marijuana evaluation including detailed profile information, scheduling information, and ratings and reviews.

  • Portable Smoke

    Portable Smoke is your online destination for purchasing portable discreet items for your smoking needs. We recognize that smoking may be a discreet and a recreational activity to participate in alone or with trusted friends. As a result, we specialize in selling grinders and bowls that you can hide right under everyone’s nose.

  • Go Green Hemp

    GoGreen Hemp specializes in everything CBD. We sell directly to consumers as well as to wholesalers and those interested in white label products. Our current product line consists of Gel Capsules, Gummies, Oil Drops and Balms.

  • Cannabis Accounting Group, a CWSEAPA Company

    We believe that what sets us apart from other accounting firms, is working within the Tax Code to find a way around the oppressive Section 280E Rules.

  • PayQwick, Inc.

    PayQwick’s mission is to bring well-established, proven payment processing, regulatory compliance and banking services to the licensed recreational and medical marijuana industries, thereby reducing the risk of violent crime, illegal money laundering and violation of state marijuana regulations. PayQwick serves state licensed Producers, Processors, Wholesalers, Distributors, Dispensaries and Retailers.

  • The Hybrid Creative

    We are an award-winning, full spectrum creative agency with expertise in cannabis and eCommerce. We have supported the creative strategy and successful growth of cannabis brands such as Care by Design, Korova, Bhang, AbsoluteXtracts, Wildflower, and BDS Analytics. Website design and development, company and product naming, logo design, brand development, brand strategy, packaging, labeling, marketing collateral, sales tool kit collateral, digital marketing strategy, and social media support are a few of the many services we offer. If you’re looking for an experienced, forward-thinking, creative agency with a proven track record of success to elevate your brand and empower your success, welcome to The Hybrid Creative!

  • Moriconi Flowers Ltd.

    Moriconi Flowers Ltd. is a law firm dedicated to applying decades of legal expertise to the emerging commercial and medical cannabis and hemp markets in the United States and abroad. Building off of careers in commercial litigation, transactional debt instruments, oil and gas regulation, liquor licensing, insurance coverage, and catastrophic loss, the attorneys at Moriconi Flowers Ltd. routinely navigate regulated markets.

  • Weed Pay LLC

    Weed Pay is a cannabis banking and merchant services company. We think differently than conventional credit card processing companies due to our history of handling high-risk accounts. We are experts in the field of alternative payment options, merchant accounts, and banking. Our mission and vision are to provide needed customer support services to the cannabis industry within these areas.

Want a job in the cannabis industry?

Sign up to apply for unlimited jobs and get discovered by companies who are hiring

Post Your Resume View all jobs

Recent Job Postings

Subscribe for daily cannabis news, announcements, and business insights.

Stay informed about the latest cannabis industry news, policy progress, and business developments.