A push to cut the unpopular tax hike on California cannabis that went into effect in July is moving forward in the state Legislature.
If signed by Gov. Gavin Newsom, Assembly Bill 564 would see the 19% state excise tax on cannabis products revert back to 15% on Oct. 1.
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That’s still far too high for many cannabis industry players and advocates – and is higher than the tax rate in other states with much higher per-capita legal marijuana sales.
But any cut is a welcome development for California’s struggling industry.
The state Assembly signed off on recent amendments made by the state Senate on Wednesday, according to a legislative record.
The full Legislature is expected to send the tax cut bill to
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