California Governor Proposes Tax Relief For Cannabis Growers

California Gov. Gavin Newsom’s new budget priorities include a proposal to eliminate the state’s cannabis cultivation tax, offering licensed marijuana growers relief from high costs that insiders say are threatening the viability of the regulated pot industry. Newsom unveiled his budget for the 2022-2023 fiscal year on Friday, showing a record surplus of nearly $100 billion for the state’s coffers.

According to the proposed budget, Newsom will ask the state legislature to eliminate the cultivation tax that cannabis growers are required to pay, usually before their crop has even been sold. Under the current tax structure, cultivators are assessed a tax of $10.08 for every ounce of dried cannabis flower they produce.

– Read the entire article at Forbes.

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