The California Bureau of Cannabis Control and other state regulators recently announced their final rules; some good choices were made, while others could use some improvement. Some issues that need to be addressed, such as the tax rate placed on cannabis and the lack of access to banks, the BCC’s hands are tied by state and federal law. Leafly’s Dan Mitchell and David Downs just wrote about 8 top things to know about the final rules. (David will be helping attendees of the International Cannabis Business Conference in San Francisco this February 7th-8th learn directly from the state’s top regular, moderating a conversation with California Cannabis Czar Lori Ajax and Alex Traverso, Chief of Communications for the BCC). Here are the 8 things to know:
1. Delivery For All
2. Child-Resistant Packaging Here To Stay
3. Lab Testing Remains Strict
4. No State Tax Relief
Consumers gripe about the state and local taxes that can run 40% higher than the illicit market. The final rules do nothing to curtail those taxes — which can only be decreased by the state legislature.
5. Still Cash-Only
6. More Equity Licensing
The state’s final rules allow the Bureau of Cannabis Control to better focus on implementing its $10 million equity grant program to local cities and counties. The BCC will release its application form for cities and counties to get equity grants from a $10 million state fund.
7. More Stores, Products and Services
Expect more store openings, product launches, and cannabis events in 2019. Final rules give cannabis business operators increased certainty. That’s good because uncertainty has been the death of thousands of businesses.
8. Better Personal Data Protection
Head on over to Leafly to read the full list in greater detail. Legalizing and regulating cannabis in California has proven to be a huge job understandably as regulating anything in the world’s sixth largest economy can be complicated, let alone a substance that remains illegal federally. We can expect that some issues will be addressed thru the California State Assembly, the courts, and future rulemaking procedures. It is imperative that the Golden State cannabis community stay as informed as organized as possible to ensure that California’s industry can reach its full potential.
There is no better place to learn the latest and network with top investors, entrepreneurs, and advocates than the International Cannabis Business Conference in San Francisco this February 7th-8th. After San Francisco, the ICBC will be heading to Barcelona, Berlin, Zurich, and Vancouver. Get your tickets today!