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Tax cut for California pot industry: Too little, too late?

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Broad legal sales began in 2018, but taxes that can approach 50% have burdened the industry, as have costly regulation and competition from a flourishing illegal marketplace — which industry analysts estimate is at least twice the size of the legal one.

that the state's licensed industry was verging on collapse and needed immediate tax relief and a swift expansion of retail outlets to survive.

There are other provisions, including about $20 million for grants to communities to accelerate licensing for retail shops. While cannabis is legal in California, many communities have either banned it or not set up local licensing programs for markets to operate. There are less than 1,000 retail shops, down from about 8,000 before broad legalization kicked in, businesses say.

If approved, the plan would represent the first change in tax policy since legal sales kicked off. However, some taxes, including cultivation, have increased over that time. Jerred Kiloh of the United Cannabis Business Association, a Los Angeles-based trade group, said the plan would not allow companies to reduce steep consumer prices that have been driving buyers into the underground market, where taxes are not imposed and prices are cheaper.“All they are really doing is shifting some taxes around, and it’s not ever going to get to the customer,” Kiloh added.

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But we were assured legalization would make any problems go away!

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Tax cut for California pot industry: Too little, too late?California’s governor on Friday proposed a temporary tax cut for the state’s struggling legal marijuana industry, but businesses said it falls far short of what’s needed to revive a foundering pot economy. Hahaha, how about us that have to work, 10 ,, 12,, hrs a day to make a decent living, when is our tax break coming Or we could stop the illegal drug trade. Won’t happen because that would mean securing the borders and imprisoning drug dealers. Cut weed tax but not gas tax, Newsom’s a 🤡🤡
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