Posts Tagged ‘AB 390’

California Tax Board Says Regulating Commercial Pot Sales Would Yield $1.4 Billion Annually — Also Predicts Decline in Use of Booze and Tobacco

from NORML Blog by Paul Armentano, NORML Deputy Director

A revised budgetary analysis by the California State Board of Equalization (BOE) estimates that taxing and regulating the retail sale of cannabis by adults would raise approximately $1.4 billion in annual new state revenue.

The BOE’s estimate, released late yesterday, assesses a $50 per ounce tax on the retail sale of cannabis (among other state-imposed costs), as recommended under Assembly Bill 390: The Marijuana Control, Regulation and Education Act. This act seeks to license and tax the commercial production, packaging, and retail sale of marijuana to those 21 years of age or older.

As introduced, AB 390 would not impose taxation or licensing requirements on the non-commercial production of cannabis (up to ten mature plants), or on the not-for-profit distribution of pot. Further, the bill would not alter existing legislation on the use of medicinal cannabis, nor would it impose new taxes or sanctions on the medical cultivation of cannabis. Read the rest of this entry »