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California hikes tax rates on
legal marijuana businesses AGAIN
making them uncompetitive with illegal
trading in move that has 'stunned and
outraged' cannabis industry

Original Article

Posted By: Ribicon, 11/23/2019 2:03:00 PM

California is increasing business tax rates on legal marijuana, a move that stunned struggling companies that have been pleading with the state to do just the opposite. Hefty marijuana taxes that can approach 50 per cent in some communities have been blamed for pushing shoppers into California's tax-free illegal market, which is thriving. Industry analysts estimate that $3 are spent in the illegal market for every $1 in the legal one.(Snip) Governor Gavin Newsom had lowered expectations for projected tax dollars from within the legal market. In May, Newsom said it would take up to seven years for the legal marijuana industry

Comments:

Ignorance of basic economics is a hallmark of governments everywhere, despite the need for ever-increasing funding to cover their growing expenditures. Soon they'll need to hike the taxes again, then wonder why they're collecting even less money than before, then scratch their heads at why people use the underground market.

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Reply 1 - Posted by: Wendybird 11/23/2019 2:17:03 PM (No. 243407)
They are stupid to allow it and twice stupid to tax it.
19 people like this.

Reply 2 - Posted by: planetgeo 11/23/2019 2:24:48 PM (No. 243411)
Let's not be so hasty. This clash is inevitable and has a potentially very useful end game. It's only a matter of time before the narco cartels start killing some of their pesky competition...the blue state Democrats who are trying to take over their racket.
8 people like this.

Reply 3 - Posted by: enemyofthestate 11/23/2019 2:26:36 PM (No. 243412)
The unintended consequences of the actions of goobermint in Kalifornia. Ha, ha, ha, ha, ha, ha, ha, ha.
10 people like this.

Reply 4 - Posted by: zephyrgirl 11/23/2019 2:39:40 PM (No. 243417)
The illegal growers and sellers have had 40 years to establish their distribution networks. Legal sellers will only attract the occasional users. The habitual users will always go for the cheaper option.
7 people like this.

Reply 5 - Posted by: watashiyo 11/23/2019 3:35:01 PM (No. 243444)
And to think people still live there, ....they must enjoy the pain.
6 people like this.

Reply 6 - Posted by: NorthernDog 11/23/2019 3:42:23 PM (No. 243450)
Politics makes strange bedfellows. Stoners who are now 'woke' to the Democrat tax and regulations schemes will start voting Republican.
3 people like this.

Reply 7 - Posted by: bad-hair 11/23/2019 3:46:41 PM (No. 243451)
Sounds like a great cover for an under the counter business with money laundering potential as well. Finding out the same thing in Canada The highly over-regulated retail business are forced to buy from approved suppliers whose product is crap. The underground folks kill them competitively and all those pie in the sky tax dollars vanish or more accurately don't ever materialize. Now they've got to eat the tax write offs from their failed pot industry. If I was stoned this would all be too complicated. Sober it's quite hilarious.
11 people like this.

Reply 8 - Posted by: mean Gene 11/23/2019 4:17:07 PM (No. 243473)
It's like they never heard of the Laffer Curve. Duh! There's a "sweet spot" when it comes to tax levels and actual revenues. Find it and stay there.
8 people like this.

Reply 9 - Posted by: HotRod 11/23/2019 4:46:48 PM (No. 243504)
Is there anything that California doesn't hike taxes on? Do the homeless get free marijuana, or just free needles?
4 people like this.

Reply 10 - Posted by: lakerman1 11/23/2019 4:59:02 PM (No. 243511)
If California had paid attention to New York City's taxing of cigarettes - out of state cigarettes dominate the market in New York City because of ridiculously high taxes on legal sales of cigarettes there - California would not be raising marijuana taxes. But they are caught in their own whirlwind.
6 people like this.

Reply 11 - Posted by: udanja99 11/23/2019 5:33:54 PM (No. 243529)
So the stoners sobered up enough for a few minutes to be stunned and outraged? Try staying sober and showing up for your own life. As the old saying goes, there’s a reason it’s called dope.
2 people like this.

Reply 12 - Posted by: RuckusTom 11/23/2019 5:36:23 PM (No. 243530)
When cigarettes get taxed to oblivion, people either stop smoking or, "entrepreneurs" buy smokes in low tax states and resell them on the black market in the high cigarette tax state. The same thing is going to, or already is, happening in legal pot states. They make pot too expensive through taxes, fees, licensing, etc. etc. and hiring the state bureaucrats to oversee it all, and guess what? People go right back to buying pot like they did before it was legal - through the black market. Then the state will start crying that they're not making enough in taxes on pot and tax it even more. To make sure the industry stays viable, just wait, some bright politician will suggest subsidizing it.
4 people like this.

Reply 13 - Posted by: Heraclitus 11/23/2019 6:25:44 PM (No. 243575)
oh oh, I see. "'stunned and outraged' the CANNABIS industry." I thought it said, "'stunned and outraged' the CANNIBAL industry." Being California, it's not so far-fetched a misreading. Is it?
1 person likes this.

Reply 14 - Posted by: Strike3 11/23/2019 7:09:07 PM (No. 243619)
Shocked and surprised here.
0 people like this.

Reply 15 - Posted by: anniebc 11/23/2019 7:10:12 PM (No. 243620)
Ha! Ha! Ha! Leftists eating each other. Winning! And, love it!
0 people like this.

Reply 16 - Posted by: JunkYardDog 11/23/2019 7:12:57 PM (No. 243625)
Elton John once sang, "Grow Some Funk Of Your Own, Amigo".
1 person likes this.

Reply 17 - Posted by: DVC 11/23/2019 7:50:34 PM (No. 243659)
Leftists morons learning about the REAL laws of economics. Fun to watch. Reminds me of Canada's attempt to drive out cigarettes by huge taxes. There is a joint Indian reservation, half in the USA, half in Canada. The US Indians sent semis into NC to buy literal truckloads of untaxed cigarettes, then sold them to their brethren across the border, but staying within reservations the whole time. The RCMP got riled up at the massive smuggling coming out of the Canadian reservation, and when they were pushed back at hard by the Canadian Indians, they started planning a "go in heavy" assault with military weapons, etc. and the Indians blocked the roads and armed up and got ready. Somehow, an adult decided that a new Indian war over smuggled cigarettes was not too bright, and the super high taxes were rescinded, and the smuggling was no longer economically viable, so it stopped. California COULD learn a lesson, but I doubt it will.
3 people like this.

Reply 18 - Posted by: XCenturion 11/23/2019 8:53:16 PM (No. 243722)
Keep electing Democrats morons!
1 person likes this.

Reply 19 - Posted by: panther361 11/23/2019 9:24:31 PM (No. 243744)
Go back and listen to a tune describe this behavior decades ago. "The Tax Man". The Beatles.
2 people like this.

Reply 20 - Posted by: Omen55 11/23/2019 10:32:14 PM (No. 243787)
These fools would run a bordello into the ground.
1 person likes this.

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