Amid world-wide concerns regarding coronavirus, a bit of positive news. The state of California has surpassed a momentous benchmark regarding tax revenue from the sale of recreational cannabis. The Orange County Register notes that since legalizing recreational cannabis two years ago in January of 2018, the state has raised over $1 billion in cannabis tax revenue.
The news is a significant indicator, demonstrating that cannabis is a sustainable industry. As many states consider moves in the similar directions, California provides a successful and compelling case study. Tax revenues in California have risen consistently since legalization; in the first three months of 2018 the state collected $72.6M but in the last three months of 2019 it brought in $172.7M.
It is important to note that these revenues are earmarked for local communities and worthy causes. As stated in the article linked below, "The bulk of that $1.03 billion in tax money, after covering regulatory costs, has been spent on programs such as child care for low income families, cannabis research, public safety grants and cleaning up public lands harmed by illegal marijuana grows."
These numbers are an important sign of how legal cannabis can present a significant positive impact on society and how legalization efforts in other states can be architected to benefit local populations. As anti-counterfeiting efforts and law enforcement continue to target illicit cannabis, dangerous illegal options will hopefully become rare, increasing legal sales and their ability to contribute to society.
solo sciences is proud to be part of an emerging industry committed to contributing to local communities.