EFT

GOV. BROWN SIGNS ONE BILL AND VETOS ANOTHER

Governor Brown signed the Electronic Fund Transfer: Commercial Cannabis Exemption bill, which amended the Revenue and Tax Code was to exempt commercial cannabis businesses from the requirement that all persons with an average estimated tax liability of $10,000 per month must transmit the amounts owed using an electronic funds transfer  Persons engaging in commercial cannabis activity do not have to submit taxes due to the department by an electronic funds transfer until January 1, 2022.

Governor Brown also vetoed AB-3069 Cannabis Informational, Educational and Training Events bill, stating that this activity is not prohibited under current law.  Bill AB-3069 allowed commercial cannabis businesses to host informational, educational and training events for civic attendees that are over 21 including state and local officials and employees, employees of health care facilities and employees of private and public schools without obtaining a temporary cannabis event license.  The bill placed restrictions on the use of the cannabis products during the event including a prohibition on consumption.