Oakland, CA Voters Pass Pot Tax To Boost City Coffers

[Kadie]

Jul 22, 2009 6:47 am US/Pacific
Oakland Voters Pass Pot Tax To Boost City Coffers

OAKLAND (AP) ― Oakland residents overwhelmingly voted Tuesday to approve a first-of-its kind tax on medical marijuana sold at the city's four cannabis dispensaries.

Preliminary election results showed the measure passing with 80 percent of the vote, according to the Alameda County Registrar of Voters.

The dispensary tax was one of four measures in a vote-by-mail special election aimed at raising money for the cash-strapped city. All four measures won, but Measure F had the highest level of support.

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.

more...
http://cbs13.com/local/oakland.pot.tax.2.1096155.html

[sfwriter]

1. Far out...

I wish I still lived there.