State law requires that every six months the formula upon which its 15% excise tax is based must recalculated. In a little-noted May announcement, the Department of Tax and Fee Administration said in July that won’t be happening.
MJ Biz Daily
- The agency announced in November its calculations would result in a tax increase. On New Year’s Day the recalculation went into effect and did indeed cause the tax to go up.
- The department’s bulletin said California’s cannabis markup rate will remain at its current level throughout 2020.
- Did you know there’s a national directory of black-owned cannabis companies? You can learn about that directory’s founder and 15 black hemp owners here.