With the New Year approaching, cannabis retailers and consumers are slated to face higher taxes on their transactions.
The California Department of Tax and Fee Administration announced that the rate change will take effect on January 1.
Michael Olson, host of Food Chain Radio told KSCO about some of the effects as a result of this taxation.
In this interview, Olson mentioned that this will hurt small-time cannabis growers in communities such as Humboldt due to the excess of cannabis supply and dwindling demand from the increase of tax.
Olson also stated that a $40 eigth-ounce of cannabis will cost a consumer $50 come next year.
The markup on cannabis products will increase to 80% in the 2020 New Year.
This interview can be found in its entirety at ZBSRadio.com.
