News

San Francisco May Have New Cannabis Tax In The Future

Voters may be asked to impose a local tax on the industry in November

San Francisco ushered in a new era of legal recreational cannabis this year. Now voters may be asked to impose a local tax on the industry in November.

Supervisor Malia Cohen on Tuesday introduced a cannabis tax that would begin levying a 2 percent tax on cannabis gross receipts beginning January 1, 2020.

In subsequent years, the tax would grow to 2.5 percent for retail cannabis sales up to $1 million in gross receipts and 5 percent for gross receipts above $1 million.

Also in subsequent years, there would be a 2 percent tax on cannabis business other than retail for gross receipts up to $1 million and a 3 percent tax on gross receipts in excess of $1 million.

 

To Read The Rest Of This Article On SF Examiner, Click Here

 

Stay up-to-date!

Get all the news and info straight into your inbox that you need to help grow your business.

ADVERTISEMENT
To Top