Marijuana tax revenue lagging behind expectations in California

Tax revenues from the legal marijuana trade in California rose last quarter, but are still lagging behind what was expected.

Since pot was legalized, the $82 million taken in by the state is about half of what finance officials had predicted.

Part of the reason is that many illegal pot shops are still operating, which is draining off customers with lower prices.

Some communities have also banned legal pot sales and the state is still working out the regulation of the new industry.