Fresh off of news that California is set to raise the cannabis cultivation tax despite projections of a $31 billion surplus, one marijuana entrepreneur is calling for a potential tax revolt this summer.
Michael “Mikey” Steinmetz, co-founder of the company that makes the Flow Kana cannabis brand, is threatening to withhold his taxes unless Gov. Gavin Newsom and the Legislature adjust state marijuana regulations July 1, 2022. He is calling on other CEOs to join him in this effort.
Steinmetz issued the declaration in an op-ed on Medium, published Monday and co-written by his wife, Flavia Cassani. He criticized the California Department of Tax and Fee Administration’s plans to increase the cultivation tax this January, writing “We simply reply: We’re not going to pay.”
– Read the entire article at The Sacramento Bee.