State tax collections for legal cannabis continue to plummet as the market struggles to survive in California.
have banned legal pot stores, slowing the legal industry’s ability to grow while also allowing illegal stores to flourish.
Earlier this year, the state shifted the burden for paying excise taxes to retail stores. For years, distribution companies, which move pot products between producers and stores, were responsible for paying the tax. But it appears hundreds of pot stores now don’t have enough cash to cover it. According to CDTFA data previously obtained by SFGATE, 265 retailersby the May 1 deadline. The state is missing 9% of total excise taxes due, according to the CDTFA.
Cvetko told SFGATE that losing hundreds of retail pot stores would be disastrous for the state market.
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