California pot taxes tick up but miss initial projections
LOS ANGELES (AP) — California’s legal pot market is growing, just not as fast as once expected.
The state pulled in $74 million in cannabis excise taxes between April and June, after the administration of Gov. Gavin Newsome in May sharply scaled back projected tax dollars from the shaky legal market.
The figure released Thursday marked an increase from the first quarter, when excise tax collections hit $61 million.
Government analysts once projected that California would be flooded with tax money from the legal pot economy — $1 billion annually within a few years.
Expectations are now more measured.
One recent report by industry advisers Arcview Market Research and BDS Analytics projects sales in California would grow 23 percent this year over 2018.