The local of Oakland, Calif. is considering to monetize from marijuana entrepreneurs, with aims of taxing the industry sellers with 25 percent. On Nov. 14, officials will be voting to arrive at a decision if they will pass the tax system revision.
NPR reports that the Oakland local government will be deciding for a need of licenses to legally sell cannabis and sellers be charged with 25 percent tax. However, there is a debate concerning a withstanding law which prohibits the government to earn from private businesses.
Harborside Health Center co-founder, Steve DeAngelo, said that the government cannot force private companies to comply in that manner. Harborside Health Center is the largest cannabis dispensary in California and in the entire United States. Since it opened 10 years ago, it has created over 150 well-paying jobs and had over $30 million revenue annually. $1.5 million goes to the taxes every year.
The cannabis industry is a lucrative business, albeit often misconstrued to be illegal. Over ten years ago, East Bay Express reported that marijuana dispensaries are functioning discreetly and the use of the medicinal plant has been highly regulated, if not prohibited. But now, the tide has changed, with Oakland being the frontrunner in legalizing weed use.
Aside from taxing cannabis dispensaries and dealers, the city of Oakland is looking into the possibility of allowing recreational marijuana use in accordance to Proposition 64. Prop. 64--or the Adult-Use of Marijuana Act (AUMA). The state-wide proposition will be voted upon by the League of California Cities on November 8.
The marijuana-immune Californian city will reportedly be embracing the proposition, as further said by East Bay Express. However, there are a few who goes against the proposition, citing the non-medicating use as causes of danger. KTVU San Francisco says public safety is in peril if marijuana is used for recreation as car accidents are many caused by intoxicated drivers.
The pot industry is becoming bigger as years pass. Fortune notes that from $5.4 billion revenue in 2015, it is seen to rise to $6.7 billion in the entire United States.
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