California Crushes Revised Cannabis Revenue Projections

Aug. 22, 2019, 8:58 PM

California has brought in about $427 million in cannabis tax revenue during fiscal year 2018-2019, dwarfing a revised projection of $288 million.

The California Department of Tax and Fee Administration reported fourth-quarter marijuana tax revenue of $144.2 million on Aug. 22. That follows revenue of $80.2 million, $111.9 million, and $120.8 million in the first three fiscal quarters, respectively.

In November of 2018, Gov. Gavin Newsom (D) originally projected a revenue haul of $630 million but slashed that estimate to $288 million in May, according to the Legislative Analyst’s Office.

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