California Law Makers Are Trying to Help the Pot Industry By Cutting Taxes

In an effort to help legal pot dealers compete with the underground market, lawmakers in California have proposed cutting taxes for the industry. 

The Temporary Cannabis Tax Reduction bill, proposed in the state's legislature, hopes to give licensed growers and sellers a leg up. 

The industry isn't bringing in quite the amount of revenue California had expected, coming in $101 million below in the first six months of 2018 and officials blame high taxes as being a main culprit.

Assembly member Rob Bonta sees a turn around for the state if the bill passes, telling attendees at a press conference:

"Once the legal marketplace has established its roots, once it is on its way to success, the tax rates will return under this bill." 

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