California had its highest quarter for cannabis tax revenue in over two years, reporting over $280 million in revenue.

The higher revenue was due in part to the excise tax temporarily increasing during the period.

By the numbers: The California Department of Tax and Fee Administration (CDTFA) reported the third quarter cannabis tax revenue to be $283.7 million. • The total came from $176.8 million in the excise tax and $106.9 million in sales tax.

Driving the news: California’s cannabis excise tax increased from 15% to 19% on July 1 in compliance with state law. • But Gov. Gavin Newsom signed Assembly Bill 564 into law in September, which was authored by Asm. Matt Haney (D–San Francisco). AB 564 reversed the excise tax increase and set the rate at 15% until 2028. • The rate return

See Full Page