The Wall Street Journal, February 4, 2020
The past decade has been difficult for American cities and states, where tax revenues and public-worker pension funds took massive hits as a result of the 2008 economic crisis. Even when the stock market recovered after the financial crisis, superlow interest rates have also weighed on the pension plans. With recreational cannabis now legal in 11 states, public officials are looking to marijuana tax revenue to help shore up government finances and address funding shortfalls. California local governments collected a total of $1.86 billion in revenue from cannabis sales during calendar year 2018 and nearly as much in the first three quarters of 2019, according to Brea, Calif.,-based HdL Cos., a consultant to local governments and public agencies.
