California lawmakers show rare unity in granting cannabis tax cut

California lawmakers are throwing a lifeline to the troubled legal cannabis industry, approving a cannabis tax cut that the industry says will prevent further business failures. Lawmakers gave final approval to the bill last week, sending the measure to the desk of Newsom, who has previously committed to signing it into law. The measure would drop the state excise tax on cannabis from 19% to 15% on Oct. 1 and maintain that tax rate until June 30, 2028. The measure comes as tax rates for legal cannabis in California seesaw up and down. In July, the state increased the excise...