California has voted to scrap the state’s cannabis cultivation tax in a bid to kickstart the industry. The bill was signed into law by Governor Gavin Newsom after receiving broad bipartisan support in both houses.
As well as eliminating the tax, set at US$161 on a pound of buds, it maintains the cannabis excise tax at its current rate of 15% for the next three years. After that, though, it could be increased to replace lost revenue.
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