The Hanford City Council held a special meeting on Tuesday to review the forecast for its finances over the next two years.
For fiscal year 2021-2022, the city’s general fund budget is set at $39.3 million. That total is slightly less for the following year, coming in at $38.5 million.
With the cannabis industry making a budding start in the city – Hanford’s first retail marijuana dispensary, HerbNJoy opened last month – the pot market is starting to have an impact on the city’s finances.
Hanford has had a rough start to the opening of its two retail cannabis outlets. The city’s first licensee, Caliva, has still yet to open its retail location. It has, however, been conducting deliveries since early December.
HerbNJoy, meanwhile, was a fallback recipient after the other initial license awardee – Harvest of Hanford – backed out from developing its retail operation.
The city projects the cannabis tax transfer to total $300,610 dollars in each of the next two years.
Hanford’s Cannabis Operations department is looking at $250,000 over the following two years from the cannabis tax.
Cannabis permit fees are expected to come in at $96,000 annually.