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CALIFORNIA RELEASES CANNABIS TAX NUMBERS

Sales of marijuana became legal in California as of January 1, 2018. The State of California recently released its first tax revenue numbers for cannabis for the first quarter of 2018. Managing editor Tami Roleff says even if Measure L—which permits the cultivation and processing of marijuana in Yucca Valley—passes in June, it’s unlikely that the town will see any tax revenue from cannabis for several years…

When sales of marijuana became legal in California January 1, two new state cannabis taxes also went into effect: a cultivation tax on all harvested cannabis that enters the commercial market, and a 15 percent excise tax on the purchase of cannabis and cannabis products. In addition, cannabis and its products are subject to state and local sales taxes. Tax revenue from the cannabis industry totaled $60.9 million for the first three months of 2018. In addition, sales taxes brought in an extra $27.3 million. Medicinal cannabis is exempt from sales tax if the buyer holds a medical marijuana ID card. But Yucca Valley’s Measure L does not include any provision for the town to tax either the cultivation or sale of cannabis. Voters would have to approve a tax, and it’s unlikely a tax measure would be ready to vote on until the November 2020 election.

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