Forbes: Cannabis Tax Relief Dropped From California Budget Bill

EXCERPT:

Chloe Kaleiokalani, co-founder and CEO of California cannabis brand CAKE She Hits Different, says the planned tax increase “is setting the industry up for failure.”

“Many consumers and companies have already started digressing back into the black market just to survive, and this will only create more desperation, ultimately resulting in exactly opposite of what they are claiming to work towards—a loss of tax dollars being collected,” she writes in an email. “The government is making it impossible for regulated cannabis operators to turn a profit while simultaneously allowing unregulated hemp to be used as a loophole for shipping untested products direct to consumer.”

Democratic state Assemblymember Matt Haney introduced a standalone bill to eliminate the cannabis tax increase earlier this year, giving the state’s industry and consumers another shot at potential relief. If passed, however, the legislation is not likely to go into effect until next year, leaving the tax increase in place for at least six months.

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