US (CA): Tax relief planned for legal cannabis industry

Coming to the aid of California’s legal cannabis growers and sellers, state Democrats are preparing to prescribe the struggling industry with an old-fashioned dose of tax relief.

Weeks after cannabis business leaders gathered on the steps of the state Capitol and threatened a coordinated pullout of California’s $4.4 billion legal market, a pair of lawmakers on Wednesday detailed potential tax reforms and promised to crack down on the black market. 

“We definitely have to take action so that the cannabis industry thrives and really benefits all workers and organizations,” said Assemblywoman Blanca Rubio, D-Baldwin Park. “We need a competitive price structure in California.”

Retail cannabis shops opened their doors in 2018 but the industry’s growth — and tax generation — have fallen well short of projections sold to voters under Proposition 64. Currently there are under 1,000 legal dispensaries in the Golden State, a precipitous drop from the nearly 10,000 in operation in 2018.

To read the complete article, go to www.courthousenews.com 


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