If legal California cannabis businesses teetering under the weight of heavy taxes will see any relief this year, it’s unlikely to come from the governor.
In the past, Gov. Gavin Newsom has cut taxes for marijuana operators in the state, signing a 2022 budget that eliminated California’s cultivation tax and capped the excise tax at 15% for three years.
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But this year, Newsom is tasked with closing a $38 billion budget deficit.
And, to do that, he is banking on revenue from marijuana taxes, which is projected to exceed $1 billion for the 2023 calendar year once final figures are released.
In his initial $291 billion budget proposal for 2024-25, the governor did not propose any further reductions in cannabis taxes or
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