California: Pot Tax Revenues Not So High; Black Market Flourishes

Tax revenues in California gleaned from legal pot sales are not as high as expected, and one expert claims that burdensome taxes on the growing pot industry are "driving consumers" to the black market where pot is cheap.

According to a report by the Associated Press, projected revenues from markets opened up after last year's state-wide legalization of marijuana are "roughly half of what was once expected." The AP reports Gov. Gavin Newsom's new budget expects about $355 million dollars in "marijuana excise taxes" by mid-2019.