Proposed Changes to Local Tax Scheme for CannaBuy Co. (CBC)

History and Current Effect on the Cannabis Industry
Student's Name
University Affiliation
Professor's Name
Course Title
Due Date
Memo 1
Date: 22nd July 2023
To: City Council of Los Angeles
Subject: Proposed Changes to Local Tax Scheme for CannaBuy Co. (CBC)
Dear Members of the City Council,
CannaBuy Co. (CBC) yearns to establish a thriving presence in the vibrant city of Los Angeles. As part of our unwavering commitment to responsible growth and community involvement, we have delved into the existing tax scheme in Los Angeles, as well as those of neighboring jurisdictions. We firmly believe that implementing distinct alterations to the current tax structure can harmonize with the objectives of the governing ordinance and foster the overall advancement of the cannabis industry.
We propose a gradual augmentation in tax rates over a specific period, granting CBC and other cannabis enterprises the opportunity to take root in the city without confronting overwhelming financial constraints during the nascent stages. Moreover, we advocate for incentives to invigorate social equity programs. By extending tax benefits to incentivize participation in social equity programs, we can cultivate diversity and inclusivity within the cannabis industry while addressing historical imbalances (Newman et al., 2021).
Furthermore, we recommend establishing closer collaborations with neighboring regions to ensure the congruity of tax rates, fostering stability and thwarting tax avoidance practices. Additionally, we suggest transparently communicating the allocation of tax revenue to the public, ensuring a substantial portion is reinvested in vital public services, education, and community development projects.
By embracing these groundbreaking changes, we are convinced that Los Angeles can unleash an environment that cultivates the sustainable expansion of the cannabis industry and harmonizes with the city's grand vision for a thriving community. CBC remains resolute in its dedication to being a conscientious corporate citizen, and we eagerly anticipate forging a mutually beneficial alliance with the City Council.
We extend our profound appreciation for your invaluable time and thoughtful contemplation of our innovative proposals. We eagerly yearn for the opportunity to contribute profoundly to the cannabis industry and the prosp...