New Financial Assistance Available for California Commercial Cannabis Licensees!
The three California cannabis licensing authorities announced today that businesses with state commercial cannabis licenses expiring between July 1, 2020 and August 31, 2020 may request 60-day deferrals of their license fee payments. This allows for fee deferral financial assistance to be provided to additional licensees.
Though designated as an “essential business” by California, the cannabis industry has been blocked by federal law from federal or banking-dependent assistance for small businesses due to cannabis’ federally illegal status. The license fee deferrals are intended to provide at least a small measure of assistance to California-legal cannabis businesses impacted by COVID-19.
The Bureau is currently accepting requests for fee relief. Licensee fee deferrals may be requested for any license expiring between July 1, 2020 and August 31, 2020. With a deferral, the license fee will be due 60 days from the date of the license expiration. Refunds will not be given for fees that have already been paid.
Be cautious however, additional fee deferrals are not available for licenses that expired before July 1, 2020. License fee payment due dates for fee deferrals already granted are not extended.
If you have questions or need assistance call the team at Scholl & Company at (831)758-5966 or email info@schollcpa.com.