AB 3090 Cannabis taxes: payment using stablecoins: report

This bill is part of the 2020 Cannabis Bills section of our ongoing update on California Cannabis Legislation – see the full California Cannabis Law Legislative Update which includes information on cannabis bills from other years. 

AB 3090  (Ting D)   Cannabis taxes: payment using stablecoins: report.

Existing law authorizes the legislative body of a city and the board of supervisors of a county to license, for revenue and regulation, and fix a license tax upon, every kind of lawful business transacted in the city or county, as specified.

Existing law imposes a state excise tax on the purchase of adult-use and medicinal cannabis and cannabis products at the rate of 15% of the average market price of any retail sale by a cannabis retailer. Existing law also imposes a state cultivation tax upon all cultivators on all harvested cannabis that enters the commercial market, at specified rates per dry-weight ounce of cannabis flowers and leaves. Existing law requires the California Department of Tax and Fee Administration to administer the cannabis excise tax and the cannabis cultivation tax.

This bill, on or before January 1, 2022, would require the California Department of Tax and Fee administration to issue and deliver to the Legislature a report on how the state, cities, and counties could receive any cannabis tax amounts due by payment using stablecoins, as described.

Read more about California Cannabis Legislation – see the full California Cannabis Law Legislative Update.

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