California Cuts Marijuana Tax Revenue Projections

State of California

California is paying a price for the shaky rollout of its legal marijuana market.

State budget documents released Thursday show the Newsom administration is sharply scaling back what it expects to collect in cannabis tax revenue through June 2020 — a $223-million cut from projections just four months ago.

The reduced income for the state treasury means that slower-than-expected pot sales are punching a hole in California’s budget.

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Source: Pot bust: California dramatically cuts marijuana tax revenue projections