US Edition‘They’re Strangling the Golden Goose’; Tax Hike for Cannabis Retailers to Begin Tuesday
- As of July 1, California's cannabis excise tax increased from 15% to 19%, after the Senate rejected a proposal to freeze the rate.
- The 2022 deal paused cultivation tax and set the stage for a 19% excise increase, with the Senate rejecting a freeze and relying on cannabis revenue for public programs.
- Taxable cannabis sales in California fell to $1.09 billion in Q1, a 30% drop, with models predicting a net revenue loss and less than 40% market share indicating an illicit shift.
- Millions of Californians face higher retail cannabis costs amid inflation, prompting shops in Monterey to offer discounts to deter illicit market purchases.
- Assembly Bill 564, which would set the tax at 15% for six years, has passed the Assembly and awaits Senate approval, with Newsom pledging to sign if it reaches him.
23 Articles
23 Articles
Cannabis Revenue Continues to Fall as County Adjusts to Lower Revenue
Tax revenue from cannabis seems to be dropping in Santa Barbara County, and the costs of managing the industry soon could outpace the amount of money that it brings in. A report from the Santa Barbara County Civil Grand Jury found that the cost of the county’s cannabis enforcement could become a financial burden in the future. “While initially the county received a ‘green rush’ of cannabis tax revenue, that revenue has since declined steadily fr…
Manitoba hikes wholesale markup on cannabis, suggests window-covering rule may change
The price of cannabis is rising in Manitoba after the province's cannabis distributor slapped a higher markup on the products it sells to retailers — an added cost stores are passing down to consumers, in many cases.
Associated Press News
‘This tax could kill this industry.’ California cannabis operators brace for increase
A substantial tax hike for California’s faltering legal cannabis market is set to take effect despite an aggressive industry campaign to suspend the increase that won the support of Gov.
The Epoch Times
Zero HedgeCalifornia Moves Forward With Higher Marijuana Excise Tax
Buying legal weed and marijuana products in California will get slightly more expensive starting July 1 after state legislators failed to stop a state excise tax increase on the industry this month. Effective Tuesday, marijuana retailers will pay 19 percent of gross receipts from cannabis and cannabis product sales—a jump of 4 percentage points. The excise tax is paid in addition to state sales tax and any city or county taxes applicable to the …
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