California Cannabis Industry in Crisis: 10 Key Points on Plummeting Pot Tax Revenue and Declining Sales

California's cannabis industry is experiencing a steep decline as pot tax revenue continues to plummet.

[{"selector":"#anim-ba056ec4-830e-42c1-b890-b87d6d9ade8d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] CREDIT GETIMAGE

[{"selector":"#anim-e753d0a2-221e-4ed5-9bb4-c8a44b4fa84c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The drop in pot tax revenue for the seventh consecutive quarter is signaling an economic crisis for the industry in California. The drop in pot tax revenue for the seventh consecutive quarter is signaling an economic crisis for the industry in California. CREDIT GETIMAGE

[{"selector":"#anim-b7a73f7c-9b9a-461f-8a77-b7c4cb72ced5","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Falling tax revenue, declining sales, and stiffed operators are painting a gloomy picture for California's cannabis market. Falling tax revenue, declining sales, and stiffed operators are painting a gloomy picture for California's cannabis market. CREDIT GETIMAGE

[{"selector":"#anim-bba25f61-caa9-4b0d-a631-0188651d61d2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Plummeting pot tax revenue is adding to the woes of farmers, distributors, and retailers in the state's cannabis industry. Plummeting pot tax revenue is adding to the woes of farmers, distributors, and retailers in the state's cannabis industry. CREDIT GETIMAGE

[{"selector":"#anim-cb8cfa2d-70d9-4c5f-9504-179098439205 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The first quarter of 2023 saw a 1.4% drop in cannabis sales in California, reflecting a multi-year downward trend. The first quarter of 2023 saw a 1.4% drop in cannabis sales in California, reflecting a multi-year downward trend. CREDIT GETIMAGE

[{"selector":"#anim-cf00ea1c-8c04-4f00-bc8a-cb59fc313849 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] High taxes and the impact of the pandemic are straining cannabis operators in California, with consumer spending slowing down. High taxes and the impact of the pandemic are straining cannabis operators in California, with consumer spending slowing down. CREDIT GETIMAGE

[{"selector":"#anim-9b5c4421-8a43-46d5-9132-5e8d7098779b","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] The legal market in California is shrinking as cannabis excise taxes fall, with an 18.8% drop in the first quarter of 2023 raising concerns for the industry's future. The legal market in California is shrinking as cannabis excise taxes fall, with an 18.8% drop in the first quarter of 2023 raising concerns for the industry's future. CREDIT GETIMAGE

California Cannabis Industry in Crisis: 10 Key Points on Plummeting Pot Tax Revenue and Declining Sales

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California Cannabis Industry in Crisis: 10 Key Points on Plummeting Pot Tax Revenue and Declining Sales

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California's cannabis industry is experiencing a steep decline as pot tax revenue continues to plummet.

California's cannabis industry is experiencing a steep decline as pot tax revenue continues to plummet.

California Cannabis Industry in Crisis: 10 Key Points on Plummeting Pot Tax Revenue and Declining Sales

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