With tax revenue from legal pot sales in California falling short of projections, a financial analysis firm estimated Tuesday that total sales this year will be $1.9 billion, significantly less than the $3.8 billion the company expected. The firm, New Frontier Data, had also estimated that total sales in California would reach $6.7 billion by 2025, but now says it is more likely the industry will generate $4.72 billion by then. Most cities in California have refused to allow pot businesses, and there are tough rules for those who want state licenses to grow, distribute and sell marijuana. Both are to blame for the lower-than-projected sales, according to Giadha Aguirre De Carcer, chief executive of New Frontier Data.

Source: Los Angeles Times May 23, 2018 22:16 UTC