Wednesday, July 22, 2009

Oakland CA votes to be first City to tax Marijuana

Link

Scheduled to take effect on New Year's Day, the measure created a special business tax rate for the pot clubs, which now pay the same $1.20 for every $1,000 in gross sales applied to all retail businesses. The new rate will be $18.

Oakland's auditor estimates that based on annual sales of $17.5 million for the four clubs, it will generate an estimated $294,000 for city coffers in its first year.