At 10%, Oakland has the state’s highest local REC tax. So, a lot of the community sighed in relief when its City Council voted unanimously on Tuesday to reduce those fees. Then the mayor spoke, and ensured that a spotlight will be on City Hall next week.
- “Our City Council is poised to give a massive $4M a year tax-break to Oakland’s largest cannabis businesses,” Mayor Libby Shaaf told residents. “I urge you to call your councilmembers to oppose this reckless give-away.”
- Mayor Shaaf justified her position by saying that the Council voted last spring to reduce taxes for just under 75% of registered Oakland cannabis businesses.
- A second reading on the proposed cut is set for City Hall on Tuesday.
- When submitted tests of cannabis batches dipped in June, fears of a possible supply downturn began to surface. Last month’s numbers are dispelling that concern with a sizable rebound.
MJ Biz Daily