The draft bill outlining Senate Majority Leader Chuck Schumer’s federal marijuana reform legislation sets a nationwide MJ excise tax that would rise from 10% to 25% over five years, a top rate that industry officials argue would be overly burdensome to operators as well as too high to combat illicit operators.
Despite all the positives of the Cannabis Administration and Opportunity Act, which would legalize marijuana by removing it from the federal Controlled Substances Act, a 25% federal excise tax on MJ – on top of any state and local taxes – would hit growers especially hard.
This report came from MJ Biz Daily.