A global pandemic, record job losses, and massive budget shortfalls all contributed to what California Gov. Gavin Newsom called “no normal year” in his state budget revision in May. He remarked cannabis tax revenues are just one of the victims of the 2020 pandemic. Whether in good times or bad, tax revenues are a good indicator of consumer trends in the legal market. Now, cannabis business operators are keeping an eye on how the industry reacts to the recent recession. In the second quarter of 2020, California took in a record $208 million in excise, but growth stalled at 2.5% over the previous quarter. The drop was the lowest increase since marijuana tax collections in the state started in 2018.

SpeedWeed, 09/15/2020 07:10:02

Open article: https://speedweed.com/california-cannabis-tax-revenues-stall-in-wake-of-pandemic-job-losses/