California Marijuana Taxes Increased on New Year’s Day
Effective January 1, 2020, California’s excise and cultivation taxes went up. The increase is based on an analysis of statewide market data that was used to determine the average markup rate between the wholesale cost and the retail selling price. The markup increased from 60% to 80%. The California Department of Tax and Fee Administration (CDTFA) will continue to recalculate the wholesale cannabis markup rate every six months.
New Jersey Voters to Decide on Marijuana Legalization in November 2020
New Jersey lawmakers recently approved a resolution that will allow residents to vote on cannabis legalization in November 2020. If approved, New Jersey would join the 11 states and Washington D.C. where recreational marijuana is legal.
Michigan’s First Recreational Marijuana Sales Draw Crowds
On December 1, 2019, the first recreational cannabis sale took place in Michigan. Many customers gathered the night before sales began and waited in long lines to be among the first to purchase marijuana in the state. There are currently three adult-use retail stores in operation with others slated to open soon.
House Judiciary Committee Passes Federal Cannabis Legalization Bill
On November 20, 2019, the U.S. House Judiciary Committee passed the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act, which would help to fix the nation’s cannabis laws. This is the most far-reaching cannabis legalization bill that has ever received a committee vote in Congress. The bill would decriminalize cannabis federally, provide funding to communities most impacted by marijuana prohibition, lift barriers to licensing and more. The bill will be sent to the full House of Representatives.
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