Based on recent state data, cannabis sales in California have been going strong despite the Covid-19 pandemic.
On the Monday report, California’s LAO (Legislative Analyst’s Office) disclosed that early figures from summer proceeds and 2019’s revised numbers indicate an extremely strong growth. Similar trends have been realized in multiple other legal marijuana states such as Oregon and Illinois.
LAO estimates that California garnered more than $160-million in cannabis tax revenue and $41-million from growth charges between July and September. Figures from the revised information concerning the 2019-20 fiscal year went up to $522-million from $477-million in marijuana tax dollars.
According to LAO, marijuana tax proceeds rapidly improved between 2018 and 2019, and there was aggressive growth despite the coronavirus pandemic.
Based on data from the California Department of Tax and Fee Administration, the state is set to accrue a billion dollars in 2020’s marijuana tax returns. $778.4-million was acquired during 2020’s first three quarters, with the third quarter recording $306.8-million.
That revenue has been used in funding an incentive program that enhances economic justice and public health for adversely affected communities due to the war on drug substances. Applications for these grants have been available since September.
Illinois has recorded similar income surges amid the pandemic. There have been consistent top-tier cannabis sales returns.
In November, the state announced that adult users bought 1,557,880 marijuana products worth $75.2-million during October. This figure is close to $8-million more than September sales.
During October, Illinois stated that she had gone beyond a cannabis tax milestone, surpassing a $100-million income. The government is using part of these tax proceeds to deliver social equity incentives to financially-deprived communities. It disclosed to the public that $31-million from the grants will be available from May.
According to an August report from Oregon, the state has regularly recorded average monthly sales of $100-million in 2020.