California

Tue
22
Dec

Cannabis Tax Revenues Climbing in California

a marijuana plant up close

The sale of cannabis in California went legal in 2016, and retailers were able to open their doors two years later. Along with the legal retail sale of cannabis came two new taxes ‚ÄĒ a cultivation tax on all harvests and an excise tax on the purchase of weed and products made with it; the usual sales taxes, both state and local, also applied. They add up, and in the third quarter of 2020, California‚Äôs total cannabis tax revenue was $306.7 million. Of that amount, the state gained sales and excise tax on $11 million worth of retail cannabis sold in cities in Santa Barbara County.

Thu
17
Dec

California Cannabis Industry May See Loosened Regulations

worker cutting up marijuana leaves

The¬†Bureau of Cannabis Control‚Äės¬†Cannabis Advisory Committee¬†approved recommendations that would relax several regulations for the California¬†cannabis industry, aimed at helping struggling cannabis businesses. The recommendations were included in the state panel‚Äôs annual report.

While arguably the largest state market for cannabis in the United States, California legal cannabis businesses struggle with competition from illegal cannabis sellers, among many other obstacles to expanded profitability. Though classified as essential services by the state, the businesses also have been affected by the COVID-19 pandemic and new public health requirements for retail and manufacturing industries.

Wed
16
Dec

California On Track To Collect $1 Billion In Cannabis Taxes

stack of money with cannabis buds

California’s booming cannabis industry has been around much longer than many in the United States, and now, the state is on pace to collect as much as $1 billion in taxes from sales made in 2020, a record landmark for the local industry. 

Fri
11
Dec

California on track to collect $1 billion in cannabis taxes in 2020

marijuana leaf close up

California is on pace to collect $1 billion in taxes from licensed cannabis sales in 2020, even amid challenges of the coronavirus pandemic and a still thriving black market for it, Gov. Gavin Newsom’s senior adviser on cannabis business said Thursday.

The rate of legal sales has increased this year, and in the third quarter the state fetched $306.7 million in excise, cultivation and sales taxes, bringing the overall year-to-date total to $777 million, said Nicole Elliot, who delivered the keynote during a virtual regional cannabis conference sponsored by the North Bay Business Journal.

‚ÄúThis puts the industry on track to generate closer to $1 billion this year, which is quite impressive,‚ÄĚ Elliot said.

Thu
03
Dec

California Cannabis Delivery Lawsuit: ‚ÄúIt‚Äôs NOT a win‚ÄĚ For the Industry

California flag

Since 2019, cannabusiness owners in California have been in litigation over a lawsuit aimed to further restrict access to legal, recreational marijuana. Last week, a verdict was finally reached.

What initially seemed like a win for the cannabis industry eventually revealed the reality that these legal battles are likely far from over. In case you need a¬†refresher, the initial lawsuit was brought on by 25 local city governments sued the California Bureau of Cannabis Control, arguing that ‚Äúdelivery policy violates state law by overriding their ability to regulate cannabis commerce at the local level.‚ÄĚ

Mon
30
Nov

California Legal Cannabis Sales Exploded. And California is Cashing In

jar of cannabis knocked over

Cannabis tax revenues in Q3 collected by the State of California soared by a record 80% year-over-year, and by a record of $136 million year-over-year, to a $307 million, the California Department of Tax and Fee Administration reported Monday afternoon. This does not include tax revenues collected by cities and counties. All three categories surged: Excise Tax (+90%), Cultivation Tax (+80%), and Sales Tax (+66%).

This brought California’s cannabis taxes during the first nine months of 2020 to $778 million, and on track to exceed $1 billion for the whole year, a sorely needed injection of moolah during these trying times:

Mon
30
Nov

The 10 Best U.S. Cities To Start A Cannabis Brand In Right Now

Palm Trees

Starting a cannabis business in the US takes a lot of planning, effort, and patience.

However, it’s doable if you choose the best US state for such a business.

According to some of the most recent statistics, the cannabis industry is among the fastest-growing industries globally.

Therefore, it’s a perfect time to start this type of business.

Cannabis state laws are becoming increasingly lenient, while the demand for recreational and medical cannabis has never been higher.

The best way to see just how great a cannabis business can be, take a look at the Toronto Cannabis Dispensary. 

If you want to start your cannabis dispensary, here are the ten best US states for such a business.

Wed
25
Nov

Jay-Z: Marijuana Mogul? He Joins New Cannabis Venture as Chief Visionary Officer

Jay-z

The rapper and entrepreneur has partnered with newly-formed cannabis giant TPCO that hopes to reach 90% of California consumers by 2022.

Subversive Capital Acquisition Corp., a special purpose acquisition company (SPAC) with a growing footprint in the cannabis industry, has acquired two California-based cannabis brands and named Jay-Z as the resulting holding company’s chief visionary officer, it was announced Tuesday (Nov. 24). The transaction is expected to close in January.

Wed
25
Nov

California Claims Cannabis Billboards Have Been Displayed Improperly

California flag with a cannabis bud

California just made a significant ruling that is bad for cannabis advertisers who favor the billboard format, but good for those who want to see more regulation. Apparently, officials have been allowing highway-facing billboards that should have been banned on the 2016 bill that legalized recreational cannabis. 

Wed
25
Nov

Future Legal Cannabis States Can Learn from California's Mistakes

Golden Gate bridge

Legal cannabis continues to become a new reality in states throughout the U.S., giving lawmakers the unique challenge of installing a regulatory system on newly established marijuana markets. 

California is largely seen as the leader of the cannabis industry (both legal and illegal) due to the state industry’s size, experience, and innovative spirit. But the growing pains experienced by California’s legal cannabis market in its first four years offers essential lessons to states that are actively setting up their cannabis programs for the first time. 

Here are some issues newly legal states should tackle to ensure a smooth transition. 

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