California cannabis retailers are breathing a measured sigh of relief after Gov. Gavin Newsom signed a major tax cut into law on Monday.
Under Assembly Bill 564, authored by San Francisco Assemblymember Matt Haney, California’s cannabis excise tax will revert back to 15% on Oct. 1.
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That cancels a nearly 25% increase to 19% that took effect July 1.
And 15% is where excise taxes will stay until at least 2028.
“We’re rolling back this cannabis tax hike so the legal market can continue to grow, consumers can access safe products, and our local communities see the benefits,” Newsom said in a statement Monday.
That’s a welcome development for the state’s struggling legal industry.
But operators squeezed by a combination of illicit market
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