7/1/22

"California’s regulated cannabis market just got a little bit more competitive with the robust illicit market that has continued to flex its power in the state.

Following Gov. Gavin Newsom’s signing of a $308-billion state budget on June 30, California’s weight-based cannabis cultivation tax was eliminated—effective July 1, 2022.

“This bill represents genuine tax reform,” Tiffany Devitt, vice president of the CCIA Board of Directors, said in a statement to CBT. “Whether it is sufficient to transition the majority of consumers from the illicit to the licit cannabis market remains to be seen. Nonetheless, we commend and thank the Legislature and governor for making substantial progress.”"

Read the full article HERE