California Gov. Gavin Newsom signed a bill Monday to roll back a steep tax increase on the state’s cannabis industry, giving the legal market a bit of breathing room.
Known as AB 564, the legislation not only reverses the 25% excise tax increase on the cannabis industry, but also sets the state’s cannabis excise tax rate at 15% until 2028, according to a release from the Democrat governor’s press office.
“We’re rolling back this cannabis tax hike so the legal market can continue to grow, consumers can access safe products, and our local communities see the benefits,” Newsom said in a statement.
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