Last week, California Governor Jerry Brown told the press that California could receive close to $643 million dollars in the first year alone of taxation on recreational cannabis. With the states total debt coming out to over a trillion dollars in 2017, the start of legally taxed cannabis for the sunshine state is long overdue.
Most of the money received by the state will be going to fix the states crumbling infrastructure, local health departments, education and after school programs, drug prevention and treatment programs, alternative green energy and tech, and some of the money is allocated to local police departments to help prevent consumers from driving under the influence of marijuana.
Governor Brown gave the LA Times the following quote, ““The amount and timing of revenues generated from the new taxes are uncertain and will depend on various factors including local regulations, and cannabis price and consumption changes in a legal environment,” Brown’s budget says.
You may be interested
Alaska Close to Commercial Industrial Hemp IndustryCash Crop Today - February 21, 2018
Many of the founding fathers of the U.S. grew hemp. The early pilgrims were forbidden to NOT grow hemp. 30 states currently allow the cultivation of industrial…
Former NBA Champion Partners with GreenSpace Labs on Cannabis TechnologyCash Crop Today - February 21, 2018
On February 20, 2018, GreenSpace Labs (of Boston, MA), a cannabis testing company currently able to detect pesticides, heavy metals and bacteria, announced it had partnered with…
General Cannabis Announces Record 2017 Fourth Quarter Revenues and Debt EliminationCash Crop Today - February 21, 2018
On February 20, 2018, General Cannabis Corp. (OTCQB:CANN) announced revenue results for the quarter ended December 31, 2017. Denver based General Cannabis Corp. reported its highest quarterly…