The Initiative May Also Impose A Marijuana Property Tax – $25 Per Square Foot Up To The First 3,000 Square Feet And $10 Per Square Foot After – On Any Cannabis Businesses.

Its voters approved one in November, but city officials say it won’t be ready by Jan. 1. However, a few Marijuana Stocks larger cities may get into the mix before too long. Here’s a rundown of where the Valley’s 10 largest cities sit with regard to marijuana. City Manager Darrel Pyle said residents will vote in 2018 on whether to tax the new cultivation operations. If the initiative is approved, he believes revenues “could easily exceed $5 million per year.” The money would come from charging companies application and permit fees, as well as for city staff to inspect and regulate the businesses. The initiative may also impose a marijuana property tax – $25 per square foot up to the first 3,000 square feet and $10 per square foot after – on any cannabis businesses. The move comes nearly a year after a massive project proposed by a medical marijuana distributor promised Hanford – a city with an annual general fund of about $24 million – around $14 million in annual revenue should the city approve cultivation. The Bay Area company has since backed out of its escrow on a 1 million-square-foot industrial plant within the city.

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