California Pot Revenue is Lower Than Forecast. Are Taxes Too High?

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When California legalized recreational marijuana sales in January, a bonanza in tax revenue was expected. But so far that hasn’t materialized — and ironically, some say revenue has been low precisely because taxes have been too high. Governor Jerry Brown released a revised state budget on Friday. It shows California’s economic recovery delivering an $8.8 billion surplus, beating forecasts from earlier this year. But the picture wasn’t so rosy for the state’s new recreational marijuana industry. During the first quarter of 2018, the state collected only $33.6 million from its 15 percent tax on marijuana sales. California Pot Revenue is Lower Than Forecast. Are Taxes Too High?

thumbnail courtesy of kqed.org

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