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How To Calculate Cannabis Taxes In California

If you live in California and you use cannabis, you’re probably wondering why you’re paying so much in taxes. There’s a lot of misinformation floating around about how California cannabis taxes work, so we turned to our compliance team to break through the clutter and to explain exactly how much you, the consumer, is paying in taxes.<br>Read more on :- https://medmen.com/

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How To Calculate Cannabis Taxes In California

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  1. How To Calculate Cannabis Taxes In California How To Calculate Cannabis Taxes In California July 18, 2018 If you live in California and you use cannabis, you’re probably wondering why you’re paying so much in taxes. There’s a lot of misinformation floating around about how California cannabis taxes work, so we turned to our compliance team to break through the clutter and to explain exactly how much you, the consumer, is paying in taxes. Effective January 1, 2018, the state began imposing a 15 percent excise tax on all retail purchases of cannabis and cannabis products, including medicinal cannabis. The state and local municipalities also collect sales taxes on most products sold in California, including cannabis and cannabis products. Local tax rates vary by city and county. Legally licensed cannabis businesses are required by law to collect these taxes. Excise Tax – 15% collected at point of sale and remitted to the State. Sales Tax – Rates vary from 7.25% to 10.25% depending on the city or county. Calculated on the total inclusive of excise taxes. To figure out a product’s cost after tax, follow this formula… Retail Price + 15% Excise Tax = Subtotal Subtotal + Sales Tax = Cost *Medical Marijuana Identification Card (MMIC) holders are exempt from paying sales tax on medical products only. Back to Blog Back to Blog

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