The California Department of Tax and Fee Administration (CDTFA) reported sales figures for cannabis sales for the second quarter of 2021. On August 17, 2021, the California cannabis consumption tax generated sales of 172.3 million August 2021, and the cultivation tax brought in 40.4 million US dollar a.
Sales tax revenues from cannabis companies were $ 120.5 million for the same period. Sales tax applies to the sale of cannabis, cannabis products, and other tangible personal items. Certain retail medical cannabis sales are exempt from sales and use tax if the purchaser presents a valid California Department of Health and Medical Marijuana ID and government-issued ID at the time of purchase.
The total tax revenue reported by the cannabis industry is $ 333.2 million for the second quarter returns. This does not include the tax revenue collected by each state. Previously reported revenue for Q1 2021 income has been revised to $ 304.8 million, including $ 157.8 million excise tax on cannabis, $ 39.2 million cultivation tax, and $ 107.8 million Value added tax. Revisions to the quarterly data are the result of changed and delayed tax returns, as well as other adjustments to the tax return. Data on cannabis tax revenues are available on the CDTFA Open Data Portal.
As of January 2018, the program has had total revenues of $ 2.8 billion, including $ 1.4 billion in cannabis excise tax, $ 347.4 million in cultivation tax and $ 1.0 billion in sales tax.
In November 2016, California voters approved Proposition 64, the law to control, regulate, and tax the use of marijuana by adults. From January 1, 2018, two new cannabis taxes came into effect: a cultivation tax on all harvested cannabis that enters the commercial market and a cannabis consumption tax of 15 percent on buyers of cannabis and cannabis products. In addition, retail sales of cannabis and cannabis products are subject to state and local sales taxes. To learn more, visit the Cannabis Company Tax Guide on the CDTFA website.
The California Department of Tax and Fee Administration (CDTFA) administers California’s sales and consumption, fuel, tobacco, alcohol, and cannabis taxes, as well as a variety of other taxes and fees that fund certain government programs. CDTFA-managed programs total more than $ 73 billion annually, which in turn provide local essential services such as transportation, public safety and health, libraries, schools, social services and natural resource management programs by distributing taxpayers’ money directly to local communities support .