Proposal to Lower California Weed Taxes Revived
California’s tax and regulation structure around the cannabis industry is almost legendary – and not in a good way. But, as reported by The Los Angeles Times, some California lawmakers are working to make positive changes. A bill that was previously pronounced dead in the CA legislature was given new life yesterday and has the support of California Governor Gavin Newsom.
If passed, the measure before the legislature would lower excise tax on the sale of cannabis from 15% to 11%. This drop would stay in place for three years, under the bill’s provisions. The bill would also allow for a cultivation tax to be eliminated for that same three-year period. One California Republican Assemblyman, Tom Lackey, is quoted in the article as saying the bill would, “provide relief to an industry that’s clearly on the brink of collapse.”