Statewide, taxable sales of cannabis peaked at $1.56 billion in the second quarter of 2021. They dipped to $1.27 billion in the third quarter of 2022, according to data compiled by the California Department of Tax and Fee Administration.
After a steady rise through the early stages of the COVID-19 pandemic, cannabis sales in San Francisco have plunged thus far in 2022, according to data reported by retailers to state regulators.
When voters adopted the tax in 2018, it was expected to bring in as much as $16 million starting in 2021. But it was never implemented, as the Board of Supervisors repeatedly moved to protect a fledgling legal cannabis industry. But the proposal’s supporters said the heavy burdens already faced by cannabis retailers who, in addition to paying the same taxes as other businesses, are forced to charge a 15% cannabis excise tax imposed by the state.“Right now, the California cannabis market is in absolute free fall,” Johnny Delaplane, president of the of the San Francisco Cannabis Retailers Alliance, testified at a committee hearing earlier this month.
“Legal cannabis businesses are already being squeezed for every penny by the state and federal government through over taxation and the overall cannabis industry is currently in a recession, and another tax is the last thing that we need,” Drakari Donaldson, CEO of California Street Cannabis Company, told supervisors.“I don’t think that we are coming across any new users anymore in this area.
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