California is on track to post a record $3.1 billion in licensed cannabis sales this year, solidifying its status as the largest legal marijuana market in the world, according to a study released Thursday by financial analysts who advise the industry.
Legal sales are up significantly from an approximate $2.5 billion in 2018, the first year of licensed cannabis sales in California, according to the analysis by sales-tracking firms Arcview Market Research and BDS Analytics.
Assemblyman Rob Bonta tried unsuccessfully this year to win legislative approval to temporarily reduce cannabis taxes. California remains easily the biggest government-sanctioned market in the nation, topping the $1.6 billion in legal sales projected this year for Colorado, which legalized cannabis in 2014. Legal pot sellers here are expected to sell nearly triple the $1.1 billion in legal cannabis that will be sold this year in Canada, which began allowing pot shops in October.
“If you look at Los Angeles, it’s 10 to 1 when it comes to illegal operators versus legal ones,” said Kiloh, who is president of the United Cannabis Business Assn.76% of cities and 69% of counties have banned If federal and state law change to allow California cannabis to be legally exported out of the state, that also could reduce the illicit market, Todd said.
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