The Newsom administration is sharply scaling back what California expects to collect in cannabis tax revenue through June 2020.
State budget documents released Thursday show the Newsom administration is sharply scaling back what it expects to collect in cannabis tax revenue through June 2020 — a $223-million cut from projections just four months ago.The reduced income for the state treasury means that slower-than-expected pot sales are punching a hole in California’s budget.
Meanwhile, state regulators have struggled to meet the demand for licensing, and many communities have either banned commercial sales or not set up rules for the legal market to operate. But he also pointed a finger at local communities that have been resistant to legal sales and growing.“We knew [some counties and cities] would be stubborn in providing access and providing retail locations and that would take even longer than some other states, and that’s exactly what’s happening,” he added.
“I think this administration is being more realistic about the challenges faced by the regulated market,” he said.
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