Reefer revenues

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.