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Individuals over age 21 are allowed to possess, cultivate, and sell marijuana; the state regulates commercial activities related to commerce for recreational use; a 15% excise tax and an additional $9.25 per ounce of flower or $2.75 per ounce of leaf will be collected; and possession and cultivation of certain amounts for personal use is ...
The State Board of Equalization estimated that imposing a $50 per ounce levy on cannabis sales could generate $1.4 billion a year in new tax revenue, thus generating a large amount of revenue at a time when the state was experiencing financial pressure.
This state constitution amendment would have created a special fund, effective on January 1, 2024, that will collect the revenue from the California Air Resources Board's cap and trade programs, that were previously established by the Global Warming Solutions Act of 2006. A one-time, two-thirds vote in each chamber of the state legislature ...
According to the California Department of Tax and Fee Administration, legal marijuana shops reported about $5.1 billion in revenue in 2023, less than the previous year and 11% less than in 2021.
Marijuana has come a long way from its status as an illicit substance to now being recognized for its medical and recreational purposes in many states. Nine states have fully legalized it, and more...
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Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.
Colorado legalized pot in 2012, and in 2021 the state raked in more than $400 million in tax revenue — with that money going to public schools, health care, and substance abuse prevention and ...