Last week, Assembly Bill 286 was introduced by Assembly Member Rob Bonta which would eliminate California's cannabis cultivation tax and reduce the excise tax from 15% to 11% through 2022. The measure is a reintroduction of a similar bill from last year, AB 3157, which would have also temporarily reduced California's cannabis tax rate. Supporters … Continue reading Bill to Reduce California Cannabis Taxes Reintroduced in State Legislature
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
Today, the Assembly and Senate Appropriations Committees met and decided the fate of hundreds of bills including several that directly impact the cannabis industry. Here's a run down of the most watched cannabis-related bills in the California State Legislature that were heard in one of today's hearings: Key Terms Held in Committee - this means … Continue reading California Cannabis Banking Bill Shelved for the Year and Other Legislative Highlights from the Appropriations Committee Hearings
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
A proposed November ballot initiative currently in the signature gathering phase could push many local governments further towards the prohibition of cannabis business activities in their area. The Tax Fairness, Transparency and Accountability Act of 2018 would require all local fees and taxes to be approved by a two-thirds vote. The initiative, sponsored by the … Continue reading Would a Local Supermajority Vote Requirement For Fees and Taxes Hurt the Promise of California’s Statewide Legal Cannabis System?
On Tuesday, the Sacramento Bee reported that in the first few months of legalized adult-use, gross retail sales of cannabis is about 13% or $44 million lower than original state estimates. While this may seem disconcerting to some, there are several key caveats to the data. First, licensing agencies are currently in the process of … Continue reading How Has California’s Legal Cannabis Market Performed in the First Quarter of 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
Happy Friday! Welcome to the Weekly Roundup. Here I highlight some of the key pieces of legislation, regulatory changes, industry updates, and anything else I find interesting from the past week. Enjoy! A temporary solution to the banking crisis? One of the more important and interesting pieces of legislation to emerge this year is SB … Continue reading Weekly Roundup – March 23, 2018
It has been about ten weeks since the recreational use of marijuana became legal in California, and a group of key lawmakers think it's time to lower the tax rates imposed by Proposition 64. AB 3157, which was recently amended, would temporarily halt the $150 per pound cultivation tax, and reduce the state's excise tax … Continue reading Is the Price of Legal Cannabis Too High in California? These Legislators Think So.