Approximately one month after state officials announced that the tax rate of cannabis taxes would increase from 15 to 19 percent on July 1, the assembly voted 74-0 to approve the legislation of the Matt Haney Assembly (D) to delay the change for five years.
The bill now goes to the Senate for consideration, but the defenders hope to see their language incorporated to a separate budget trailer that would enter into force with promulgation, unlike next year, as would be the case under Haney’s bill.
Although the legislation introduced would have directly repealed the proposed tax increase, since then it has been modified to delay its implementation until fiscal year 2030-2031.
United Food and Commercial Workers (UFCW) officials applauded the assembly vote.
Joe Duffle, president of Local UFCW 1167, said that increasing the tax rate “would only increase the number of failed legal cannabis” in the state.
“AB 564 Freezes the special cannabis tax at 15 percent and gives cannabis legal businesses an opportunity to fight to keep afloat in an industry that is all contracting saying. “Without this bill, the illegal cannabis industry will only bloom and will continue to put unseeded cannabis products, not turns and not regulated in the hands of consumers.”
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Under the legislation, The California Department of Tax and Fee Administration (CDTFA), Working With The Department of Finance, Would Be Require by a Cannabis retailer that the department estimates will generate an amount of renvenue equivalent to the amount what would Have Been Collected in the prior fiscal year year, ”The text by Bill says.
The department would need to “estimate the amount of income that would have been collected in the previous fiscal year in accordance with the weight -based cultivation tax” and “estimate this amount projecting the income of cultivation taxes based on the weight that would have been collected in the previous calendar year based on the information available for the department”.
“The specific objective of the reduction of the CANNABIS special tax rate is to provide immediate fiscal deduction to the cannabis industry,” says the measure. “The legislature can measure the effectiveness of this objective for the amount of gain or loss in the tax revenue of special cannabis taxes resulting from the reduction of the tax rate of special cannabis taxes allowed by this law.”
Also Mandates That CDTFA, on December 1, 2026, and every later year, California “presents a report to the Legislature … which details the amount of gain or loss in the tax revenues of special cannabis taxes resulting from the reduction of the tax rate of special cannabis taxes allowed by this law.”
The ruling of the Supreme Court of the State also arrived only weeks after California officials presented a Report on the current state and the future of the state marijuana marketWith independent analysts hired by regulators concluding that the federal prohibition of cannabis that prevents interest trade is significantly reinforcing the illicit market.
Governor Gavin Newsom (D) signed a bill in 2022 that would have He empowered him to enter Commerce Agreements of Interestatal Cannabis with other legal states, but that power was concerned with the federal orientation or an evaluation of the State Attorney General who sanctioned said activity.
Fighting the government and victory might seem like a dreaming pipe The one who feels that they have offended the bureaucracy. But fierce legal victories happen sometimes-and for one California company cannabis, this has recently led to a seven-digit payment.
David Jju, owner of Cannabis Cannabis Los Area, won almost $ 1.9 million against Baldwin city park earlier this month after the jury agreed that local politicians committed fraud during the Cannabis City Licensing process. Shocking that both politicians and the city are now responsible for paying losses.
Oren Bitton, Prosecutor La, who did not participate in this case but considered his data, said in an e -mail sfgate that the winning of the case was “extremely difficult” and “historically rare”. Usually, according to Beatan, the legal system protects state officials from personally responsible for the actions they take while in a government position.
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California officially eliminated a 25% increase in tax on the legal branch of Kanabis on Monday, signature by Governor Gavin Newsma by the Assembly 564.
AB 564AUTHORED by AssemblyMiblymember Matt Haney (D-San Francisco), Reversees an increase to the exceaque paid by consumers at dispensaries to 19%, and keeps the previve rate of 15% thong. Increased in 2022 After the State Eliminated A Cultivation Tax Placed On Growers, who are getting the Squeezed As Prices of Wholesale Cannabis Dropped While The Cultivation Tax Adjusted Upward with Inflation.
“We refuse this increase in the cannabis tax so that the legal market can continue to rise, consumers can access safe products, and our local communities see benefits,” NEWSOM said in the prepared statement.
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The new Cannabis Ventures offers readers this easy reading of BDSA’s Cannabis for 15 monthly data states.
The sale of Cannabis in August increased by 0.5%, which decreased for 2.7%. In this review, we share the results by the state, from Western markets, then concluding with the Eastern markets. In general, BDSA estimates that the sale in 15 markets in July amounted to $ 2.20 billion, which increased by 6.3% a year ago. Excluding the great interest in New York, which I explain below has increased by 1.6%.
Western markets
BDSA provides coverage for Arizona, California, Colorado, Nevada and Oregon. In August, the growth of year was negative in all 5 states, except for the one, for which the growth rate was 1.4% in California. Growth in all these countries has increased successively.
Eastern markets
BDSA provides coverage of Florida, Illinois, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, Ohio and Pennsylvania. In August, the growth of year was ranging from Michigan to Up to + 989.6%, which was the sale of its adults, which included BDSA since January, but first of all included a few months ago. Ohio began the use of adults in August and was growing quite high in the previous months. It should be noted that in Florida and Pennsylvania are medical markets. Sequential growth was the negative five market and fell in these five markets based on the day. The annual growth remained except for three states. We warn about Florida, which can be slowed down, despite the strong growth of the dispensary and the scope, competitive pressure, and it was less than two years ago in the beginning of this year. The state has never seen a decline until March.
For readers who are interested in a deeper form Cannabis markets in these fifteen countries And moreover, including additional product categories, brand and product details, longer history and product features, learn how BDSA solutions can provide you with actions and analysis.
Based on the Houston, Alan cries out his experience as the founder of the online community 420 InvestorThe first and still the biggest decent diligent platform focused on the shares sold in the cannabis industry. Alan continues to find new ways to connect industry and facilitate its sustainable growth in the Canepuni community. Approximately New hemp enterprisesHe is responsible for content development and strategic alliances. Until the early 2013 focuses on the cannabis industry, Alan, who began his career in Wall Street, worked as more than two decades of research and portfolio. Article 650 of the Article 650 published in 2007 Looking for alphaWhere he has 70,000 followers, Alan is a frequent speaker for industry conferences and a Frequent source The media, including NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Ration | Facebook | Connection | Email