Marijuana Sales Aren't Bringing in the Money California Expected
LOS ANGELES (CBS13) - So far, the sale of legal marijuana in California isn't bringing in the green stuff.
Broad legal sales kicked off on Jan. 1. State officials had estimated California would bank $175 million from excise and cultivation taxes by the end of June.
But estimates released Tuesday by the state Legislative Analyst's Office show just $34 million came in between January and March.
Seth Kerstein, an economist with the office, says tax collections are expected to pick up significantly but it's unlikely California will reap $175 million by midyear.
The lackluster figure appears to reflect a bumpy rollout of licenses for the state's new legal marketplace.
Gov. Jerry Brown's administration will release its own tax figures later this week.