In the two years since five cannabis businesses opened in Redwood City, the shops have generated nearly $1 million a year in local tax revenue – roughly in line with the city’s early projections.
That performance is notable in an industry where statewide sales have declined, falling from a peak of $1.5 billion in the second quarter of 2021 to about $1.2 billion four years later, according to data from the state Department of Tax and Fee Administration.
Redwood City’s cannabis cluster is also unique on the Peninsula, as the city’s five storefronts make up the only brick-and-mortar cannabis retailers between San Bruno in San Mateo County and San Jose, though many nearby cities allow delivery…