Connect with us
Advertising

Economy

California: Cannabis Tax Revenue Nears $XNUMX Billion

Published

em

Photo: DR

Um report released on Monday by the California State Office of the Legislative Analyst (LAO) shows “very strong growth”, poised to hit the $2020 billion barrier in cannabis tax revenue by XNUMX. The trend is similar in other states where cannabis is legal , such as Illinois, Colorado or Oregon.

In California, LAO presented sales data for the first quarter of fiscal year 2020-2021 (July to September 2020), in which the state raised more than $160 million in cannabis tax revenue and $41 million of dollars in cultivation fees. The revised data for the 2019-20 fiscal year saw an increase from $477 million to $522 million in cannabis taxes.

Growth accelerated in the midst of the COVID-19 pandemic

The LAO notes that “cannabis tax revenues grew rapidly in 2018 and 2019” — and that growth “accelerated in 2020” in the midst of the COVID-19 outbreak. Data released separately last week by the California Department of Taxation and Administration shows that the state is on track to hit the $2020 billion barrier in cannabis tax revenue by 778. value of more than 2020 million dollars during 2020, with emphasis on the substantial increase in the third quarter of 306, which totaled more than XNUMX million dollars.

Graph relating to the volume of tax revenue derived from the sale of cannabis for recreational purposes in California, USA

This revenue is being directed towards funding programs to promote public health and economic justice for communities affected by the war on drugs. Applications for these grants were made available in September.

Illinois has seen similar increases in sales during the pandemic, with consecutive months of record cannabis revenue. the state of illinois announced last month that adult consumers purchased 1.557.880 cannabis products in October, totaling more than $75 million, an increase of $8 million compared to September's figures.

Illinois also reported reaching a cannabis tax milestone, surpassing 100 million in tax revenues. The government is also using some of the tax money to provide social equity subsidies to struggling communities.

In Massachusetts, cannabis sales have surpassed $XNUMX billion since adult use regulations went into effect just under two years ago, announced the regulators last month.

Advertising


Watch the Documentary "Patients"

Documentary Patients Laura Ramos help us grow

Mais recentes

Interviews1 hours ago

Luio Zau: “My hobby is painting. Now my job is to be spectacular.”

Luio Zau, creative genius, alter ego of Portuguese artist Luís Miguel Freire Estevinho, born in 1981. The restless spirit has already...

Events2 days ago

Mini Binoides Festival takes place on October 14th in Lisbon

The first edition of the Mini Festival Binoides, an event dedicated to cannabis culture, will arrive in Lisbon next...

Hemp4 days ago

Obelisk Farm at Greenfest Braga '23 with Hemp paper Workshop

Industrial hemp is present at Greenfest Braga '23, through a workshop on hemp paper, taught by...

International4 days ago

The role of endocannabinoids in the brain's stress relief mechanism

In the realm of medical science, groundbreaking discoveries have the power to revolutionize the healthcare landscape. Recently,...

International5 days ago

Netherlands prepares to launch pilot cannabis sales project

Contrary to what many people think, cannabis is still not legal in the Netherlands and the country is...

Press Releases6 days ago

Portugal: GreenBe Pharma obtains authorization to cultivate cannabis for medicinal purposes

GreenBe Pharma, a pharmaceutical specialist in cultivation, has obtained GACP authorization, granted by the National Authority for Medicines and Products...

Press Releases6 days ago

Portugal: SOMAÍ receives EU-GMP certification and obtains €5 million in financing

SOMAÍ Pharmaceuticals Unipessoal LDA, the largest European manufacturer of pharmaceutical cannabis products, is pleased to announce that...

Events7 days ago

Portugal: 3rd edition of Medical Cannabis Europe takes place in Lisbon this Thursday and Friday

With more than 25 renowned national and international speakers in the area of ​​medicinal cannabis, the third edition of Medical Cannabis...

International1 weeks ago

Spain: Is indoor cannabis cultivation responsible for electrical outages in Andalusia?

More than 50.000 Spaniards have recently suffered cuts in electricity supply, lasting more than 48 hours in some cases....

Events2 weeks ago

Cognoscitiva's 20th anniversary party is this Saturday, in Lisbon

Cognoscitiva celebrates 20 years of existence with a party at the Benfica store, this Saturday, September 23rd,...