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California brought in over a quarter million dollars in the third quarter of 2024 in cannabis tax revenue.
The state announced Tuesday that its third quarter returns totaled $250.5 million.
The big picture: California’s third quarter cannabis returns include $148.4 million in cannabis excise tax and $102 million from sales tax collected from cannabis businesses.
There are still more outstanding returns that are being processed, meaning the third quarter total will increase.
Go deeper: The second quarter returns were also revised to $269 million, breaking down as $157.7 million from the excise tax and $111.3 million from the sales tax.
The second quarter returns also include California’s vendor compensation program, where eligible cannabis vendors retained over $900,000 in vendor compensation.
Eligible retailers are allowed to retain 20% of the cannabis excise tax due on their retail sales for a 12-month period. The program runs through Dec. 31, 2025.
Zoom out: Overall, California has collected over $6.5 billion in cannabis tax revenue since January 2018.
That total includes $3.4 billion from the excise tax, $2.6 billion from the sales tax and $501 from the cultivation tax, which was eliminated in July 2022.
“}]] California brought in over a quarter million dollars in the third quarter of 2024 in cannabis tax revenue. Read More
