A bill designed to help licensed marijuana retailers compete with the illegal market is likely to fail in the California Legislature this year. The proposed bill would have temporarily lowered taxes on marijuana products in the state, but the measure was unable to make it out of the Assembly Appropriations Committee on May 16.
Assemblyman Rob Bonta proposed the bill that would have slashed taxes on marijuana from 15% to 11%. Bonta introduced his proposal after it was discovered that tax collections have been far less than anticipated since the state legalized recreational marijuana a year ago.
In May, Governor Gavin Newsom’s administration lowered marijuana revenue estimates by $223 million. The bill that was proposed by Bonta would have lowered revenue by another $227 million in the fiscal year that begins July 1.
Cannabis Business Law Attorneys in San Diego
At Purdy & Bailey, LLP, our team of dedicated lawyers understand how confusing changing cannabis laws can be, which is why we are here to provide expert counsel to business owners throughout the greater San Diego area.
We can help you get a handle on what exactly is legal and what is not to ensure that all of your business interests are fully protected. Our cannabis business law attorneys want to help you grow your business, and we’re ready to use our extensive experience and resources to assist you with all state and local regulatory compliance issues you may face.
Visit our law firm today, or call (858) 360-7080 to set up your initial consultation with our legal professionals at Purdy & Bailey, LLP.