- California retail stores sold almost $5.3 billion worth of cannabis products in 2021 and reported a total tax revenue of approximately $1.3 billion
- California’s three licensing authorities issued 12,227 commercial cannabis licenses to businesses throughout the state during 2021
- San Diego has approved a social-equity program, joining the ranks of other California cities and counties that have implemented them since 2018, utilizing tax revenues from the cannabis industry
- REZYFi is the first cannabis mortgage company in the United States – a market where most traditional lenders are still reticent to enter
On November 8, 2016, California voters approved cannabis for recreational use. Since then, the market has continued to increase in revenue, and it is expected to make up 61.5% of the overall market, according to the University of California Agricultural Issues Center. In 2021, California retail stores sold almost $5.3 billion of cannabis products, indicating a 20% growth over 2020 and over 20% of legal sales in the United States. The total tax revenue reported by the cannabis industry was about $1,317.6 million in 2021, including approximately $680.4 million in excise tax.
As of December 2021, California’s three licensing authorities issued 12,227 commercial cannabis licenses to businesses throughout the state – including 8,504 cultivators, 915 manufacturers, 842 retailers, 362 delivery services, 1056 distributors, 308 microbusinesses, 152 transporters, 46 event organizers…
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