A significant reduction in tax for LDS
("LDS" or the "Company") is pleased to announce that the City of Adelanto, where the Company's state-of-the-art facility is located, voted to reduce its cannabis tax down to 1%.
Last night the City of Adelanto voted to reduce the tax on Transportation, Distribution, Manufacturing, and Cannabis Testing Lab Services from 5% down to 1%. The City also agreed to reduce the cultivation tax from $5 per month per square foot to $5 per year per square foot. The dispensaries tax was likewise reduced from 5% down to 3%. This decision comes in line with California voting to reduce the cannabis cultivation tax statewide. The reduction in city taxes will be a positive shift for cannabis businesses operating in Adelanto.
The Company's CEO, Brad Eckenweiler, stated, "We believe the steps that the Adelanto city council took last night were evidence of the City's commitment to a strong and sustainable Cannabis business community here in Adelanto. The City isn't alone in its proactive moves to protect the legal cannabis market and its customers. The State of California is also lowering taxes to reduce the illegal, unregulated, contaminated, and pesticide-ridden grey market products, which have had price advantages due to the higher taxes."
The Company will continue to update the market on all events as they become relevant.
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