New York’s governor is proposing the elimination of the state’s potency tax on marijuana products, a potential win for the industry.
Under the state’s 2021 legalization law – the Marihuana Regulation and Taxation Act (MRTA) – distributors must pay half a cent per milligram of total THC for flower, eight-tenths of 1 cent per milligram for concentrates and 3 cents per milligram for edibles.
ADVERTISEMENT
That’s in addition to the 9% sales tax and municipal taxes of 4% for retail sales.
Gov. Kathy Hochul proposed in her recently released executive budget the replacement of the potency taxes with a wholesale tax of 9%.
The change will simplify the tax structure and save operators money, industry experts told MJBizDaily.
“Generally, taxes are one of the
Read full article on Marijuana Business Daily
