On Wednesday, Assembly Bill 564 by Asm. Matt Haney (D-San Francisco) cleared its final legislative hurdle with a 39-1 vote in the State Senate. The measure passed the Assembly in June with a 74-0 vote.
AB564 would reverse a tax hike enacted in July and keep the previous rate of 15% in effect through July 2028.
"By stopping this misguided tax hike, the Legislature recognized that smart policy grows revenue by keeping the legal market viable," said Amy O'Gorman Jenkins, executive director of the California Cannabis Operators Association, which represents licensed cannabis businesses.
Voters passed Prop. 64 in 2016, which legalized the possession, cultivation and sale of cannabis for recreational use, along with a 15% excise tax.
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