New York cannabis is about to get SUPER HIGH (taxes).
"The CRTA also proposes one of the highest tax rates in the country on cannabis, with the product being taxed during each step of the manufacturing process, combined with the local, sales and excise taxes, the overall rate is well in excess of 40%; in some cases it could be as high as 60%. This weight based multi-tiered tax is not only detrimental to enticing the consumer into buying the product, but it also stands to ruin the industry completely in the event of a massive price drop as seen in other states."
Thankfully in combination with the new bail-reform revolving door, the black market for cannabis will continue to thrive and ensure that anyone who tries to participate in the LEGAL #cannabis market will effectively be competitively priced-out by the illegal, tax-free black market supply.
Brilliant planning by Cuomo's office! 🤦🏻♂️
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