California lawmakers on Friday revived a proposal to temporarily cut taxes on marijuana to boost a legal market that one official said is “on the brink of collapse,” drawing encouragement from Gov. The bill would cut the state excise tax on marijuana sales from 15% to 11% for three years while eliminating a cultivation tax for that period. “With these steps, we believe that we will be supporting the regulated marketplace for cannabis in California. Josh Drayton of the California Cannabis Industry Assn. California Cannabis Industry Assn.

Source: Los Angeles Times January 17, 2020 21:56 UTC