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Home / Business / Berkeley Cuts Taxes On Marijuana To Compete With Black Market

Berkeley Cuts Taxes On Marijuana To Compete With Black Market

BERKELEY (CBS SF) — Cannabis buyers in Berkeley are getting a tax break as the city has dropped its taxes on marijuana from 10 percent to five percent. The main reason for the drop is to fight a booming black market. Berkeley is one of the only cities in the state to make the move.

The buzz surrounding January’s recreational cannabis sales seems to be fading; so too is consumer willingness to pay the higher taxes that came along with legalization.

“I think the sticker shock has been the issue for all of us really,” said Sabrina Fendrick of Berkeley Patients Group, a long-standing dispensary in the East Bay.

Fendrick says dispensaries cannot compete with black market pricing and worries this legal business that took years to establish could now be at risk.

Read more at CBS SF

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