{"id":56253,"date":"2022-11-21T20:27:16","date_gmt":"2022-11-21T20:27:16","guid":{"rendered":"https:\/\/merryjane.com\/california-collected-dollar242-million-in-weed-tax-revenue-in-the-last-3-months-alone\/"},"modified":"2022-11-21T20:27:16","modified_gmt":"2022-11-21T20:27:16","slug":"california-collected-dollar242-million-in-weed-tax-revenue-in-the-last-3-months-alone","status":"publish","type":"post","link":"https:\/\/merryjane.com\/news\/california-collected-dollar242-million-in-weed-tax-revenue-in-the-last-3-months-alone\/","title":{"rendered":"California Collected $242 Million in Weed Tax Revenue in the Last 3 Months Alone"},"content":{"rendered":"

Image <\/em>via<\/em><\/a><\/p>\n

California raked in more than $242 million<\/u><\/a> in legal weed tax revenue over the past three months, according to a new report<\/u><\/a> by the state Department of Tax and Fee Administration. <\/p>\n

Between mid-August and mid-November, tax officials collected $128.4 million in cannabis excise taxes and $113.6 in sales tax from legal weed businesses. These totals only account for businesses that paid their bills on time and do not include outstanding returns. Since legal sales began in January 2018, the state has collected a record $4.4 billion in legal weed tax revenue, including $2.2 in excise tax and $1.7 billion in sales tax.<\/p>\n

As impressive as this quarter’s total tax haul is, it’s actually the smallest amount of weed revenue that the state has collected in over two years. Quarterly tax collections have dropped gradually since peaking at $361 million last summer. Revenue has been slipping by around $15 million a month, eventually dipping just below $300 million in the second quarter of 2022. This last quarter’s revenue plunged to $242 million, though nearly $58 million lower than the prior quarter. <\/p>\n