Lori Ajax & BCC Add Their Comments To Gov Newsom’s Cannabis Tax Simplification Program

Lori Ajax & BCC Add Their Comments To Gov Newsom’s Cannabis Tax Simplification Program

To All Interested Parties, We are proud to share Governor Newsom’s budget proposal for cannabis industry regulation and taxation, announced by the Governor today. Regulatory Simplification In an effort to improve access to licensing and simplify regulatory oversight of commercial cannabis activity, the Administration plans to consolidate the three licensing entities that are currently housed at — the Bureau of Cannabis Control, the Department of Food and Agriculture, and the Department of Public Health — into a single Department of Cannabis Control by July 2021. Establishment of a standalone department with an enforcement arm will centralize and align critical areas to build a successful legal cannabis market, by creating a single point of contact for cannabis licensees and local governments. The Administration will provide more details on this proposal in spring 2020. Tax Simplification Governor Newsom also proposes simplifying cannabis tax administration by changing the point of collection. The proposed changes move the responsibility for the cultivation excise tax from the final distributor to the first, and for the retail excise tax from the distributor to the retailer. Moving the incidence of this tax to the retailer will eliminate CDTFA’s requirement to estimate product mark-up and set wholesale tax rates.…

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Source : CANNANNEW REPORT
Link to original : Lori Ajax & BCC Add Their Comments To Gov Newsom’s Cannabis Tax Simplification Program
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