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420 with CNW — State Officials in California Announce Great Cannabis Sales

Recent data on cannabis sales in the state of California shows that sales have been doing well despite the pandemic situation. The California Legislative Analyst’s Office (LAO) released a report this week noting that sales figures recorded during summer and revised numbers from 2019 show that the market has grown. This trend has also been observed in various states that have legalized marijuana such as Oregon and Illinois.

LAO estimates that the state of California gathered nearly $41 million of cannabis cultivation fees and $160 million in cannabis tax revenue in the July–September quarter of the 2020/2021 fiscal year. The revised numbers from the 2019/2020 fiscal year with regard to marijuana tax dollars shifted from $477 million to $522 million.

The LAO stated that the marijuana tax revenues grew expeditiously in both 2019 and 2018, adding that this growth had sped up this year in the middle of the coronavirus outbreak.

Data released one week earlier by the state’s Department of Tax and Fee Administration indicates that the state of California is on course to rake in $1 billion in marijuana tax revenue this year. In the first three quarters of 2020, the total sum collected with regard to cannabis taxes adds up to $778.4 million. This figure is inclusive of revenue generated in the third quarter, which totaled $306.8 million.

The revenue collected from the cannabis market will be used to fund a grant program whose aim is to bolster public health and economic justice for communities that have been unreasonably affected by the drug war. Grant applications were made accessible in September.

In Illinois, similar and consecutive growth in cannabis sales have been recorded amid the coronavirus pandemic, generating record-breaking revenue. The state of Illinois reported last month that in October, adult consumers of cannabis bought more than 1,500,000 marijuana products, whose total value was $75,278,200. This indicates an $8 million growth in sales when compared to sales figures from September.

Illinois stated that in October, the state had recorded a cannabis tax achievement, as it raked in more than $100 million in cannabis revenue. The state’s government will be utilizing a portion of the revenue to provide social equity grants to economically distressed communities. Earlier this year, the state had reported that $31 million in grants had been made available.

Last month, regulators in Massachusetts reported that marijuana sales in the state had grossed more than $1 billion since adult-use sales began not more than two years ago. In another report released by Oregon officials, monthly marijuana sales in that state have brought in about $100 million on average this year.

These surges in cannabis sales have benefited numerous cannabis companies, such as The Alkaline Water Company Inc. (NASDAQ: WTER) (CSE: WTER), which earlier this year launched its A88CBD™ brand featuring a broad line of CBD topical and ingestible products.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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