Cannabis entrepreneurs gathered at the California state capitol in Sacramento yesterday to call for changes to state laws they say make turning a profit almost impossible for equity businesses and small farmers.
- “The unfair taxation ends the dream for so many small farms and businesses,” said Casey O’Neill of Happy Day Farms in Mendocino County.
- Meanwhile, California has a budget surplus of $31B.
Of the many problems California businesses have faced, from burglaries to competition with the illegal market, ralliers called for two concrete goals: 1) Repeal the 15% excise tax for equity retailers; 2) Repeal the cultivation tax statewide.
- Both would need to be done by July 1, the state budget deadline.
- On January 1, the cultivation tax rose 5% to more than $161 per pound. Amid oversupply that can be more than half the going rate for a pound from Humboldt.
- California businesses are also feeling the supply chain crunch.
A Change.org petition to end the cultivation tax has gathered more than 6,000 signatures.