- All Articles Cannabis
Cannabis Tax Revenue Update (2024 Q2) September 4, 2024
Our new cannabis tax revenue estimates are similar to the revenues anticipated by the 2024-25 budget package.
Cannabis Tax Revenue Update May 31, 2024
Our new forecast for 2023-24 cannabis excise tax revenue is $649 million, slightly below the May Revision forecast of $665 million.
Cannabis Tax Revenue Update: February 2024 February 27, 2024
Our new forecast for 2023-24 cannabis retail excise tax revenue is $675 million, very close to the January Governor’s Budget forecast of $660 million.
Cannabis Tax Revenue Update: November 2023 November 30, 2023
Our new forecast for 2023-24 cannabis retail excise tax revenue: $702 million. This is $206 million above the budget package assumption.
Cannabis Tax Revenue Update August 30, 2023
The 2023-24 budget package anticipated a funding shortfall for programs supported by cannabis tax revenues. Our new revenue estimates are higher, yielding a smaller funding shortfall.
Cannabis Tax Revenue Update: May 2023 May 23, 2023
The May Revision anticipates a funding shortfall for programs supported by cannabis tax revenues. Our new revenue estimates are slightly higher, yielding a slightly smaller funding shortfall. Specifically, our estimate for 2022-23 cannabis retail excise tax revenue is $509 million. This is $24 million above the administration’s May Revision estimate but $133 million below the January Governor’s Budget estimate.
Cannabis Tax Revenue Update February 22, 2023
Revenue from the cannabis retail excise tax has declined for six straight quarters.
Cannabis Tax Revenue Update November 18, 2022
Cannabis tax revenues have declined for five straight quarters. One part of last quarter’s revenue decline is the lost revenue from the recently eliminated cultivation tax. Despite this policy change, revenues from the retail excise tax declined faster than ever before, indicating that other factors continue to drive down revenues.
Cannabis Tax Revenue Update August 22, 2022
Cannabis tax revenues have declined substantially for three straight quarters.
Cannabis Tax Revenue Update May 26, 2022
Preliminary cannabis tax revenue for 3rd quarter of 2021-22: $189 million.
Cannabis Tax Revenue Update February 23, 2022
Preliminary cannabis tax revenue for 2nd quarter of 2021-22: $196 million. Over the past year, cannabis tax revenue has grown much more slowly than it did previously.
Cannabis Tax Revenue Update November 30, 2021
Preliminary cannabis tax revenue for 1st quarter of 2021-22: $211 million.
Cannabis Tax Revenue Update August 23, 2021
Preliminary tally of 2020-21 cannabis tax revenue: $817 million.
Cannabis Tax Revenue Update June 2, 2021
The administration currently estimates that retail excise tax revenue was $132 million and cultivation tax revenue was $31 million in the third quarter of fiscal year 2020-21 (January through March).
Cannabis Tax Revenue Update November 30, 2020
Preliminary summer data and revised spring data show very strong growth in cannabis tax revenue.