California’s Cannabis Tax Increase Now On Hold
A planned increase in cannabis cultivation and excise taxes has been put on hold.
Governor Gavin Newsom has signed a bill delaying an excise tax markup raise until July 1, 2021.
Jerred Kiloh, president of the United Cannabis Business Association, said it will give cannabis businesses the time they need to plan their budgets in what are already difficult economic times.
“It will give us the ability to understand what our tax liabilities will be like for the next 12 months with no adjustments,” he told the Sacramento Bee. “That’s what every business needs to know, what are my costs?”
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