(1) The tax shall be collected at the point of sale of a marijuana item by a marijuana retailer at the time at which the retail sale occurs and remitted by each marijuana retailer that engages in the retail sale of marijuana items. The tax collected by a marijuana retailer constitutes a debt owing to the City, and is due and payable to the City’s Chief Financial Officer on a monthly basis on or before the last day of the month immediately following for the preceding month.

(2) A marijuana retailer shall make a return to the Chief Financial Officer, on forms provided by the City, specifying the total sales and the amount of tax collected. At the time the return is filed, the full amount of the tax collected shall be remitted. For good cause shown, the Chief Financial Officer may extend the time for filing a return or paying the tax for not more than one (1) month. Any further extension may be granted only by the Council.