LAO Says California Has Raked in $34 Million in Marijuana Taxes So Far
Figures released Tuesday by the state Legislative Analyst’s Office show California raked in about $34 million in cannabis tax revenue between January and March. That number is far below the $175 million officials had hoped to make by the end of next month.
The governor’s office will release its own figures later this week. But officials now have serious doubts they can meet the $175 million target for the first six months of the year.
Some lawmakers are now warning that the dismal numbers could jeopardize a legislative effort to lower the state’s marijuana taxes. That could compound problems by allowing the illicit market to continue flourishing, taking much needed revenue with it.