California Cannabis Tax Revenue Closing in on $1 Million Per Day

LOS ANGELES (AP) — When it comes to tax money from cannabis sales, California is living with diminished expectations.

The state pulled in $74 million in cannabis excise taxes between April and June, after the administration of Gov. Gavin Newsom sharply scaled back projected tax dollars from the shaky legal market.

Government analysts once projected that California would be flooded with tax money from the legal pot economy — $1 billion annually within a few years of launching the world’s largest market in 2018.

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