California’s licensed cannabis businesses are getting a tax cut — and they are disappointed about it.
serve the state’s legal market, along with 481 permitted retail delivery services. That’s nowhere close to the 3,000 unlicensed retailers and delivery services that were estimated to operate in California as of 2020, according to a market analysis by Marijuana Business Daily.strict testing and packaging regulations make it hard to compete with their underground competitors, who offer nearly identical items at steep discounts.
Wiener, a veteran lawmaker who has recently become more involved in cannabis legislation, said he “very reluctantly” voted for the bill, mostly because of the new tax credits it establishes for employers who offer competitive wages and benefits and businesses that get fee waivers through social equity programs. Qualifying retailers would also be allowed to keep a portion of the excise taxes they’re required to pay to the state, effectively dropping their tax rate to 12 percent.
Reducing taxes on the cannabis industry has proven to be a minefield for the administration. That’s because a wide range of non-cannabis organizations directly benefit from cannabis tax revenues, including childcare and health programs represented by the powerful Service Employees International Union — one of Newsom’s top supporters.
The new law has received a positive reception from cannabis farmers, who will not only see their tax burden disappear, but will now also have more viable products to sell.
“I’ve always been somewhat skeptical that eliminating the cultivation tax would immediately bolster the economic viability of cultivation sites,” Nevedal said, while stressing that she is more hopeful than before.
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