Fix Oakland Cannabis Taxes: YES on Measure V
Measure V is the most important cannabis ballot measure to come before Oakland voters in years. A “YES” vote on Measure V would fix three problems with Oakland’s cannabis taxes that are critical for the survival of the Oakland cannabis industry:
1. Allow City Council to Lower Oakland’s Astronomical Cannabis Tax Rates.
Because of a mistake in Oakland’s current cannabis tax ordinance, the City Council is not able to lower the adult use cannabis tax rate, currently the highest in the state. Measure V would give them that power, so that the Council can set taxes at a rate that makes sense for Oakland cannabis startups.
2. Allow Cannabis Manufacturers to Deduct the Costs of Raw Materials.
Manufacturing business in other industries are permitted to deduct the cost of their raw materials, saving them millions of dollars and allowing them to keep their critical, skilled jobs in Oakland. Measure V would make it clear that cannabis manufacturers get this critical tax break.
3. Allow Cannabis Business to Pay Taxes in Installments.
Currently, cannabis businesses have to pay their Oakland cannabis tax in a single lump payment, even before they have made any sales. Measure V would ease this burden on cannabis businesses by allowing them to pay local taxes in quarterly installments.
These three changes are essential for the success of Oakland’s cannabis industry. OCEP strongly supports a “YES” vote on Measure V to fix Oakland’s cannabis business taxes and allow the local cannabis industry to thrive.