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November 25, 2019

California boosts pot taxes, shocking unsteady industry

  • Hefty taxes that can approach 50% in some communities have been blamed for pushing shoppers into the state's thriving illegal market.
  • By MICHAEL R. BLOOD
    Associated Press

    LOS ANGELES — 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% 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.


     
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