Tax revenue for the first quarter of 2018 totaled $60.9 million, less than half of the state’s projection of $175 million for the fiscal year ending in June.

BY ED MURRIETA

SACRAMENTO — California tax revenue for the first three months of cannabis legalization is way below state projections but not as bad as partial figures teased this week in a state economist’s blog post.

The state on Friday released full financial figures from California cannabis revenue for the first quarter of taxed and regulated sales — including excise, cultivation and sales taxes.

An initial figure of $34 million in combined excise and cultivation emerged Wednesday in a blog post by an economist at the Legislative Analyst’s Office.

Friday’s figures the California Department of Tax and Fee Administration was slightly lower — $32 million from the state’s 15 percent excise tax and $1.6 million from the $9.25-per-ounce cultivation tax. The CTDFA released sales tax figures showing $27.3 million in revenue, not counting city and county taxes.

Tax revenue for the first quarter of 2018 totaled $60.9 million, less than half of the state’s projection of $175 million for the fiscal year ending in June.