California Marijuana Tax Relief Bill Heads To Governor’s Desk

California Marijuana Tax Relief Bill Heads To Governor’s Desk
MJ moment

The California legislature on Wednesday approved a wide-ranging bill to restructure the state’s adult-use marijuana program, including by eliminating a cannabis cultivation tax, in an effort to provide industry relief and further curtail the illicit market. AB 195, which builds upon an amended budget proposal that Gov. Gavin Newsom (D) unveiled last month, passed both chambers with nearly unanimous support. While stakeholders say there’s still more to be done, many feel the bill represents a significant, positive development in the evolving industry. The key provisions that lawmakers secured would eliminate the marijuana cultivation tax and shift the point of collection and remittance for the separate 15 percent excise tax on cannabis sales from the distribution to retail level. Additionally, there will be no increase in the excise tax for at least three years under the proposal, which is expected to be signed by the governor and then take effect immediately. “We are extremely pleased at the hard-fought progress that we were able to make with this bill,” Lindsay Robinson, executive director of the California Cannabis Industry Association (CCIA), told Marijuana Moment in a phone interview on Thursday. “It is certainly not perfect—and we acknowledge that, and we acknowledge that there is more work to do,” she said. “But eliminating the cultivation tax has been a huge priority for CCIA for the past four years, so we’re certainly proud of that victory.” California’s top cannabis regulator, Nicole Elliott, praised the development in a tweet. “Big shout-out to the businesses, labor groups, equity advocates, local governments, staffers and all the other stakeholders who believe in doing the hard work necessary to make big reform possible,” she wrote. “Today’s progress was made possible by you.” Big shout-out to the businesses, labor groups, equity advocates, local governments, staffers and all the other stakeholders who…

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Source : California Marijuana Tax Relief Bill Heads To Governor’s Desk

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