The new budget enacted by Maryland Governor Wes Moore will increase taxes on adult-use cannabis. Under Governor Moore's budget, taxes on adult-use cannabis will increase from 9% to 12%.
"Anytime you hear of a tax increase, something that's going to be passed on to our customers or our potential customers knowing they are going to have to pay more, it's certainly not something that benefits them, therefore it's something that isn't going to benefit us, it's not something we're looking forward to," said Chris Weimer, Kindequity LLC General Manager.
Dispensary managers in Maryland are sounding the alarm about a tax increase on adult-use cannabis. Weimer said the new taxes may cause consumers to look elsewhere.
"Anytime you're going to increase the cost to consumers in this case with a 9% to a 12% tax increase, our question is are you incentivizing those consumers who have the opportunity to purchase safe, legal, highly regulated and highly tested cannabis, are you incentivizing them to seek alternate options, i.e. the black market," he said.
Read more at WMDT