Colorado drops in April
Colorado’s marijuana market dropped 7.8% in April after a strong March. Recreational sales in Colorado were down 12% in April while medical sales were up 10% according to Westworld. Colorado sales are negatively impacted by the drop in tourism from stay at home orders.
California’s excise tax will not change this year
The California state cannabis excise tax will not go up in July as it did in January. The state Department of Tax and Fee Administration (CDTFA) is required every six months to recalculate the markup rate upon which the 15% excise tax is based. The CDTFA said, “We have determined the cannabis markup rate will remain unchanged at 80% for the remainder of the 2020 calendar year.”
Portland defunds police of marijuana tax money
Portland lawmakers vote to take marijuana tax money away from the police department. The budget amendment will be voted on next week. Several years ago Portland voters allocated marijuana tax revenue to drug and alcohol treatment, public safety investments, and support for neighborhood small businesses. Instead 79% of the revenue has been going to the police department. As a result of the current protests the political environment for cannabis legislation has become more favorable, especially on the law enforcement side.
