LA: Legal Recreational Marijuana Sales Top Estimates
Marijuana sales in Los Angeles are higher than estimated since marijuana became legal on 1 January according to reports
“Originally the department was given a budget of $1.3-M, and to date we have collected over $2.2-M in licensing fees, and we have around about $800,000 in outstanding invoices, so it is likely that our revenue projections through June will be $3.5-M,” Cat Packer, head of the city’s Department of Cannabis Regulation, told the Rules, Elections and Intergovernmental Relations Committee of the Los Angeles City County.
Mr. Packer said the city has issued 101 temporary authorizations to Marijuana businesses.
The 1st legal marijuana recreational marijuana sales in Los Angeles started on 20 January, nearly 3 weeks after California launched the legal cannabis business.
The state voted to legalize recreational Marijuana in Y 2016, and Los Angeles voters approved a measure to set up regulatory measures for the cannabis industry in March 2017.
The Marijuana industry is expected to grow to $7-B annually by Y 2020, and BDS Analytics predicts California will bring in up to $1.4-B from taxes on recreational marijuana purchases.
Have a terrific weekend.