As Legal Market Struggles, Lawmakers Push for Lower Pot Taxes
California lawmakers are once again pushing for lower cannabis taxes to assist what many say is an industry gasping for its last breaths.
AB 1948 was authored by Assemblyman Rob Bonta (D-Alameda), Ken Cooley (D-Rancho Cordova), Reggie Jones-Sawyer (D-South Los Angeles), and Tom Lackey (R-Palmdale). Treasurer Fiona Ma has already voiced her support for the bill.
AB 1948 would lower the excise tax on sales from 15% to 11%. Industry leaders like the California Cannabis Industry Assn.’s Josh Drayton say that’s vital to make the legal market more competitive. Right now, the black market continues to eclipse legal sales.
Read more at the Los Angeles Times.