On Thursday, California Governor Gavin Newsom released a revision of his 2019-20 budget proposal and it includes additional funds for education, enforcement and equity programs in the cannabis industry. While the Governor makes significant investments in these areas, the actual amounts will depend on the actual cannabis tax receipts for the final two quarters of 2018-19. Here's a breakdown of the items in the Governor's May Revision.
On Thursday, Gavin Newsom released his first budget as California's Governor. The budget - totaled at $209 billion including special funds - estimates California's cannabis excise tax will generate $514 million in revenues for 2019-20. This estimate is significantly lower than the $630 million anticipated in last year's budget. Governor Newsom's budget includes $200 million … Continue reading California Governor Gavin Newsom’s First Budget Estimates $514 Million in Cannabis Tax Revenue and Includes Millions in Enforcement
Tax revenues collected by the state in the first quarter of FY 2018 are far below January estimates A bill to temporarily suspend the cannabis cultivation tax and reduce the excise tax passes its second legislative committee A New York based medical marijuana manufacturer expands its presence into California The Bureau of Cannabis Control Cannabis … Continue reading Weekly Roundup – May 11, 2018
California's tax collector issues a reminder on how to collect excise tax for retailers. California's three licensing agencies release an online search tool to find licensed cannabis business across the state. Former NFL player partners with a Southern California lab to develop and distribute cannabis products. Canadian cannabis company acquires California heavyweight distributor, RVR to … Continue reading Weekly Roundup – March 30, 2018
Last week, Congress passed and the President signed a $1.3 trillion spending package that will keep the government funded through the end of September. The deal included increased spending for the military, space exploration, and opioid addiction and research programs. The spending plan also included a provision, commonly known as the Rohrabacher-Blumenauer Amendment (RBA) that prohibits … Continue reading Is the Rohrabacher–Blumenauer Amendment the new “Cole Memo”?