Santa Barbara Rakes in Much Needed Cannabis Tax Revenue

Santa Barbara’s permissive cannabis policies have caused some headaches, but they’re doing wonders for county coffers right now. The county is expecting $10.6 million in cannabis tax revenue for the fiscal year 2020-21, exceeding revenue from sales taxes.

The county will use 1/3 of that revenue to fund cannabis enforcement. The rest will help the county avoid layoffs and service cuts that would have otherwise resulted from the coronavirus pandemic.

As the nation’s attention remains focused on matters of social and racial justice, county officials will use cannabis revenue to address that too. The county is setting up a $500,000 “equity fund” to help address racial inequality.

Read more at the Santa Barbara Independent


Comments

Finance

Monday, July 27, 2020 - 15:51

COVID-19 has made it difficult to estimate even the near-term revenue shortfalls for your jurisdiction, but there are opportunities to identify specific revenue streams that will help offset the de