Today the Los Angeles City Council held a special meeting, where a passionate and energized public audience made it clear that they want to see the tax revenue collected from the commercial cannabis industry to be reinvested into social equity programs. The specific tax revenues being discussed were the proposed “Cannabis Reinvestment Act,” as well as a provision that would increase tax rates once the cannabis industry within LA reaches an aggregate of $1.5 Billion in total gross receipts.
There was also a great deal of discussion as to the importance of properly funding the Department of Cannabis Regulation so that the DCR can accurately and efficiently oversee the commercial cannabis businesses within the City of Los Angeles. Cat Packer, the Executive Director of the Department of Cannabis Regulation, spoke at the special meeting about the DCR’s need for robust funding in order to manage a streamlined business application process, while also building solid relationships with current and future cannabis business operators.
We will publish a more detailed post on the signage ordinances and further details on social equity next week.
For now, here are the key takeaways from the meeting for L.A. cannabis businesses:
For more information on how to prepare your business for Phase 2 licensing, contact us at