"More than 500 of the roughly 700 licensed cannabis businesses in the city collectively owed about $400 million in taxes - an amount that includes $100 million in penalties and $35 million in interest, according to an October report from the Office of Finance."
"Under the amnesty program, about 20% of the revenue would go to the city's general fund and the Office of Finance. The Los Angeles Police Department and the city attorney's office would receive about 40% for illegal cannabis enforcement, and the remaining 40% would fund social equity grants to cannabis operators, particularly members of low-income and minority communities."
"Based on a projection that about half of eligible cannabis businesses would take part in the program, the city would collect about $30 million in back taxes while waiving about $25 million in penalties, the October report said."
Los Angeles cannabis businesses collectively owe approximately $400 million in back taxes, penalties, and interest. The City Council unanimously approved an amnesty program proposal allowing cannabis businesses to pay their city taxes within three years while forgiving late fees and interest. Of the total debt, only about $150 million is collectible due to statute of limitations and closed businesses. The city projects collecting approximately $30 million in back taxes while waiving about $25 million in penalties if roughly half of eligible businesses participate. Revenue distribution allocates 20% to the city's general fund and Office of Finance, 40% to police and city attorney for illegal cannabis enforcement, and 40% to social equity grants for cannabis operators in low-income and minority communities.
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