State and local pot taxes are on pace to reach $1.6B this year, according to an analysis by the Institute on Taxation and Economic Policy. The total represents a 15% jump over 2018.
- In general, states see a substantial gain in taxes between their first and second year of sales, with revenues slowing thereafter.
- Though substantial, the institute calls cannabis taxes “far from a budgetary panacea.”
- The group suggests that as cannabis prices decline, as they tend to do in more mature markets, pot taxes could decline as well. States such as California which tax partly on the weight of cannabis sold, appear more likely to generate the best tax rates.
Correction: Last week we said California has allocated $10M to support equity programs. It has allocated $40M.
Quick Hits
- Cannabis job postings on Indeed have quadrupled since 2016, and interest in cannabis jobs has climbed even faster.
Indeed Hiring Lab - A study found cannabis is a $458M bonanza for Santa Barbara County. ????WW California has more.
Coastal View - L.A.-based retailer MedMen hired and quickly fired PR firm MWWPR in what the PR firm’s CEO called “one of the more dishonest and odd processes we have experienced.” MedMen declined to comment. ????WW California has more.
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