California offers marijuana firms tax-related help to cope with COVID fallout

Posted On April 23, 2020

• California’s struggling cannabis industry , beset with high compliance costs and taxation, is in line to benefit from new state guidelines enacted to help businesses survive the global coronavirus pandemic .
• The assistance a mix of extensions, relief and deferrals is a lifeline that can allow many marijuana companies to maintain operations and meet payroll, according to industry officials.
• Under the state’s new assistance guidelines, Humboldt Growers Network expects to have its payment plan and taxes deferred as well as its penalties erased.
• A suspension of the cultivation tax for a limited time would be enormously helpful, and a reduction of the excise tax would also be helpful.

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