Big Rick Stuart
Cannabis Taxes Total $2.6 Million for Latest Quarter in Santa Barbara County
Cannabis tax revenues continue to increase in Santa Barbara County, with a reported $2.6 million received in the last quarter.
Financial analyst Steven Yee of the County Executive Office said the figure represents a 30 percent increase for the quarter that ended Dec. 31 from the same period in 2019.
“Cannabis tax revenues continue to remain strong despite the economic impact of the (COVID-19) pandemic,” Yee told the Board of Supervisors on Tuesday during a second-quarter report on cannabis compliance, enforcement and taxation.
Based on the amount of revenue received in the quarter, staff estimates that cannabis tax revenues could generate as much as $14 million in the current fiscal year, which ends June 30, according to a letter filed with the board. That is about $3.4 million more than the anticipated revenues for the year.
The tax revenues were received from 56 operators that reported gross receipts, Yee said. Over the quarter, 37 operators reported zero gross receipts and 25 operators did not submit any reports.