SACRAMENTO, Calif. — California is lowering a tax on cannabis that dispensary operators pushed for, seeing it as a lifeline for an industry they say is burdened with taxes, while trying to compete with an illicit market.
In July, the cannabis excise tax increased from 15% to 19%. The tax applies to all cannabis and cannabis products purchased by consumers at dispensaries. It is added after the local cannabis business taxes are applied to the receipt.
However, a new law, backed by the cannabis industry, recently signed by Governor Gavin Newsom, halted the increase for the next two and a half years…