A California lawmaker wants to cancel a scheduled increase in the state’s marijuana excise tax of nearly 25% that many operators say would be ruinous.
If the state Legislature were to pass Assembly Bill 564 – written by Assembly Member Matt Haney, a San Francisco Democrat – the state’s cannabis excise tax would stay at 15% – with no adjustments allowed.
ADVERTISEMENT
That would mean relief from an increase in the excise tax, which could take effect in July, to as high as 19%, though many operators contend the current baseline is still too high.
The state’s excise tax rate is now adjustable after the cancellation of the state’s per-ounce cultivation tax in 2022.
But as part of the agreement to cut that tariff,
Read full article on Marijuana Business Daily
