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On May 13, 2022, the Governor’s Office released a revised 2022-2023 state budget proposal that includes reforms to state cannabis taxes. One of the more significant changes would lower the cultivation tax rate to zero. The proposal comes after the wholesale price of flowers dropped to as low as $400/lb in some parts of the state and growers became desperate for financial relief. Other budget updates include revised cannabis tax revenue allocations and strengthening tax enforcement policies.
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