SAN FRANCISCO, Nov. 8, 2017 /Weed Wire/ — Residents of seven California cities voted to impose local taxes on cannabis in Tuesday’s elections. With retail sales set to begin on January 1, the newly approved measures will add to the already substantial tax burden on legal cannabis, potentially undermining California’s fledgling legalization initiative, according to Fitch Ratings.
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Buying legal marijuana in California could be pricey enough to keep the black market healthy. Between customers, retailers and growers, taxes on cannabis may reach as high as 45% in parts of the state, according to a Fitch Ratings report.
NEW YORK, Sept. 25, 2017 /Weed Wire/ — California’s high cannabis taxes will encourage black market sales and limit potential local government revenues from this new market, Fitch Ratings says.