High Taxes Killing California Recreational Marijuana Tax Collection

By Chriss Street

California expected state and local tax bonanza from legalizing recreational marijuana sales is drastically under-performing forecast due to a high tax burden.

The California Department of Tax and Fee Administration reported that collection for the state’s first three months of legal sales that began on January 1, only produced $32 million of excise taxes and $2 million in cultivation tax on about $213 million in sales.

The voter-approved Proposition 64 tax collection trend is running at about a third less than the recently revised down forecast of $175 million for the first 6 months of 2018 and at about 50 percent less than the $630 million expected in the first 6 months of 2019.

Read the rest of the story on Breitbart News

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