California Gov. Gavin Newsom (D-CA) on Monday signed a bill that hit the pause button on a 25% tax increase on the legal cannabis market, throwing the industry a much needed lifeline. 

AB 564 will not only reverse a scheduled 25% tax increase on the industry but also set the state’s cannabis excise tax rate at 15% until 2028. 

Recommended Stories

Marijuana black markets flourish despite legalization

California billionaire tax qualifies for ballot, setting up costly fight

Don’t bogart that tax reform: Lawmakers seek to help legal pot businesses