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GOVERNOR RELEASES REVISED STATE BUDGET, STATUTORY CHANGES AFFECTING CANNABIS IN CALIFORNIA - Margolin and Lawrence
Governor Gavin Newsom has issued a revised state budget with several cannabis provisions, according to the budget summary. The revised budget forecasts the state cannabis excise tax will generate $288 million in 2018-19 and $359 million in 2019-20, a reduction of $67 million and $156 million, respectively, from the original Governor’s Budget forecast. It states, “The forecast assumes continued growth of more than…