California state officials are hoping the cancellation of a scheduled 25 percent tax increase on the state’s legal marijuana trade will help the struggling industry survive the threat of a growing black market.
Gov. Gavin Newsom on Sept. 22 signed Assembly Bill 564 to roll back the state’s scheduled cannabis tax increase, which went into effect July 1, and freeze the industry’s state excise tax rate at 15 percent until 2028.
