State taxes on cannabis rise in second quarter—to $74 million
Remember how California voters approved Proposition 64 back in 2016? That’s the initiative that, among other things, legalized recreational marijuana sales as of the first of this year. Jan. 1 is also the date two new state cannabis taxes went into effect: a cultivation tax on the cannabis in the commercial market and a 15 percent excise tax on cannabis and cannabis-product purchases. Both apply to recreational and medical marijuana. Here’s a breakdown of various taxes over the first two quarters of 2018—not including those collected by local jurisdictions. Note: Medicinal cannabis is exempt from sales taxation for those who hold a medical marijuana identification card.