California Governor Signs Tax Relief For Cannabis Businesses Into Law
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“More work needs to be done, but I see this as a big win”
Gov. Gavin Newsom signed California’s 2022-23 state budget into law and, in doing so, enabled a significant shift in cannabis taxes that had long been sought by the industry.
The finalized budget eliminates the state marijuana cultivation tax and caps the 15% excise tax where it’s at for a minimum of three years.
Taxes have been one of the top complaints of licensed marijuana businesses in California, but until this year, attempts to roll back state tax rates had been met with defeat.
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