California cannabis tax and legal sales decline in Q4

California, which eliminated the cannabis cultivation tax effective Q3 2022, received $221.65 million in tax revenue from legal cannabis sales in Q4, down $330.53 million from the same period last year. reported market observation. Taxable cannabis sales fell to $1.27 billion in the fourth quarter from $1.45 billion a year earlier.

“The AdvisorShares Pure US Cannabis ETF MSOS-1.13% is down from 68.9% over the past year and the ETFMG Alternate Harvest ETF MJ-1.97% has lost 55.5% of its value while the Nasdaq Composite Index COMP-2.05% is down 11.5% over the past year,” according to Market Watch.

California Department of Taxes and Fees Administration Data showed that customers purchased $5.3 billion worth of legal marijuana products in 2022. Per SFGATE.

The drop in sales is “a red flag” that “the state’s legal market is on the verge of collapse,” said Hirsh Jain, cannabis consultant at Ananda Strategy and vice chairman of the California Cannabis Chamber of Commerce.

Plans are moving forward to expand retail cannabis in Costa Mesa, CA

The Costa Mesa City Council overturned a decision of the Planning Commission following a complaint filed by Safe access to the south coast (SCSA) to advance plans for a 3,720-square-foot cannabis retail operation, according to a local news outlet.

In November, the commission alleged the dispensary could be materially disadvantageous to customers served by Yellowstone Drug Recovery, which is dedicated to treating mental disorders and drug and alcohol addiction.

“If you grant this motion, you will have a vibrant business that makes a significant contribution to your tax base, advances opportunities for residents to have jobs, and serves your community.” called Attorney Patrick Munoz.

GOP supports legalizing cannabis at the federal level, new poll shows

More than two-thirds “of expected 2024 GOP…