Reviving

Tax cut for California pot industry: Too little, too late?

11 days ago   |   By Bésame

By MICHAEL R. BLOOD
LOS ANGELES - California's governor on Friday proposed a temporary tax cut for the state's struggling legal marijuana industry, but businesses said it falls far short of what's needed to revive a foundering pot economy.
Broad legal sales began in California in 2018, but the industry has been burdened by hefty taxes that can approach 50% in some areas, costly regulation and competition from a flourishing illegal marketplace, which industry analysts estimate is at least twice the size of the legal one.
Meanwhile, a glut of cannabis from corporate-scale farms has sent...
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