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$1 billion in legal pot taxes predicted for California – Marijuana News

California cannabis prohibition is costing the state about $1 billion per year in lost tax revenue that’s sorely needed for social services, a new analysis from the state’s Department of Finance reports this December 21.

Department of Finance director Michael Cohen and legislative analyst Mac Taylor reported to the Attorney General Kamala Harris this December that the state stands to gain over $1 billion in uncaptured tax revenue if California legalizes cannabis for adults 21 and over in the November 2016 election.

The Department of Finance serves as Governor Jerry Brown’s chief fiscal policy advisor and is tasked with promoting a strong, sustainable, responsible financial plan for the state.

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David Downs ~ SFGate.com ~