California Raises Wholesale Taxes on Cannabis
California is raising its cannabis tax rates on flower, leaves, and plants effective January 1. The California Department of Tax and Fee Administration says the rate hikes “reflect an adjust for inflation” as required by the state’s Cannabis Tax Law.
EDITOR NOTE:
It appears California is doing everything it can to destroy its own legalization path and to sustain the illegal market.
HIGHLIGHTS
- The California Department of Tax and Fee Administration has announced minor excise tax hikes on cannabis flower, leaf, and plants.
- The California Department of Tax and Fee Administration says the rate hikes “reflect an adjust for inflation” as required by the state’s Cannabis Tax Law.
- Governor Gavin Newsome (D) signed a bill overriding the section of the Internal Revenue Code which allows cannabusinesses to take normal business deductions when calculating their state taxes.
