California Eliminating Cultivation Taxes on Marijuana, Keep Excise Tax at 15%

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Allen Harper

Written By Allen Harper

June 28, 2022

California eliminating cultivation taxes on marijuana

“Another Good news is on the way!”

A California state’s budget trailer bill revealed this week the finalized language concerning the issues related to cannabis tax. The topic has been prominently debated for months, and surprisingly the debate finally ended! And it seems that the cannabis industry has scored a victory with a decent score. As per the latest conversation and Hirsh Jain’s measure analysis, the trailer bill would eradicate the state cannabis cultivation taxes and maintain the 15% excise taxes for the next three years. However, in 2026, there will be a modification in the earlier proposals that made the California state rounds Capitol.
“Instead, under the trailer bill language, the state legislature could revisit the problem and then decide whether the adjustment is warranted, Jain further added.”
And not only this, but under this trailer bill, the social equity marijuana companies would also pay a lower tax rate amount that is of 12% only and also get a tax credit of $10000. This trailer bill institutes the statutory modifications essential to implement the budget and proceed the way other measures do. But for now, it took immediate effects based on majority voting.

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Final Takeaway!

Since the majority voting has brought significant victory for the cannabis industry leaders, there is much more to know about this change. Stay tuned as Greenpot MD will keep you updated about it!
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