Wednesday, May 5, 2010

California To Collect $100 million in Cannabis Taxes This Year

By David Downs
Wed, May 5, 2010 at 2:50 PM

While the State of California begins to debate the consequences of taxing and regulating cannabis for personal use, it's important to note the state is already taxing and regulating the agricultural product used by 2.9 million Californians monthly. California Board of Equalization official Anita Gore told the Express this week that the board estimates it collects anywhere from $50 million to more than $100 million in sales taxes per year from medical cannabis dispensaries.

That's on top of the millions of dollars municipalities like Oakland have begun collecting in local sales taxes and fees. Gore said the board doesn't have more precise figures because dispensaries are not required to report the exact business they are in. Their taxes come in under several categories of business like “retail” and “pharmacy,” Gore said.

The board estimates the state can make $1.4 billion annually from fully integrating the vibrant cannabis market into the economy.

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