7/1/22

"Gov. Gavin Newsom signed California’s 2022-23 state budget into law and, in doing so, enabled a significant shift in cannabis taxes that had long been sought by the industry.

The finalized budget eliminates the state marijuana cultivation tax and caps the 15% excise tax where it’s at for a minimum of three years.

Though some in the industry are still concerned the excise tax could be raised in 2025 after the cap expires, others are celebrating the victory, the North Bay Business Journal reported.

“More work needs to be done, but I see this as a big win,” Amy Jenkins, lobbyist for the California Cannabis Industry Association, told the Business Journal.

“To critics, I say this is a significant first step.”"

Read the full article HERE