California is increasing business tax rates on legal marijuana, a move that stuns struggling companies.
California is increasing business tax rates on legal marijuana, a move that stunned struggling companies that have been pleading with the state to do just the opposite.
The group said the higher taxes that will take effect Jan. 1 will make it even worse for a legal industry struggling under heavy regulation and fees, local bans on pot sales and growing, and a booming underground marketplace.“Widening the price ... gap between illicit and regulated products will further drive consumers to the illicit market at a time when illicit products are demonstrably putting people’s lives at risk,” the group said, referring to the national vaping health crisis.
Casey Wells, a spokesman for the California Department of Tax and Fee Administration, said in a statement that the new rate was determined after the agency analyzed thousands of transactions in California’s computerized marijuana-tracking system.
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