Members of the marijuana business community in Oakland, California are calling on state and local officials to provide “tax amnesty” after numerous cannabis companies were robbed earlier this month.

At a press conference on Monday, the Oakland-based association Supernova Women urged officials to deliver financial relief after more than 25 licensed marijuana businesses were burglarized or robbed during the week of November 15.

Specifically, the non-profit group wants to see a repeal of the state’s cannabis cultivation tax and a “significant reduction” in the excise tax on marijuana products. They say that would help sustain small and minority-owned firms that are facing up to $5 million in losses following the robberies.

“All types of licensed cannabis businesses were impacted—cultivation, manufacturing, distribution and retail, delivery and storefront,” Amber Senter, executive director of Supernova Women, said at the press conference. “The cannabis industry needs tax relief.”

“Cannabis equity businesses in particular need more money and resources. Small businesses and small farmers need help,” she said. “Piling on and increasing taxes—and now with the threat of robberies and violence—is proving to be unbearable for cannabis operators. When we’re faced with targeted attacks, the effects are magnified. Our communities do not have the runway for robberies and tragedies of this time.”

Raeven Duckett, a social equity licensee who founded Text Johnnie, emphasized that “cannabis companies operating in Oakland pay at least a 6 percent tax rate while other non cannabis companies pay 0.12 percent—so cannabis companies are paying 600 percent more taxes than any other Oakland company.”

“Yet when organized crime organizations target at our facilities, we get little to no response and zero compassion from local law enforcement and city officials,” she said. “Our businesses are hurting. These operators are scared. These operators deserve the right to a safe work environment and local support in a city where we pay an exorbitant amount of taxes.”

Across the bay in San Francisco, activists have similarly criticized the police response to marijuana burglaries. Surveillance video from earlier this month that was obtained by The San Francisco Chronicle showed local police apparently observing and not intervening as suspects got away after they responded to a 911 call about a dispensary being burglarized.

State officials say they understand where the activists concerns are coming from and said that changes to laws might be needed to make it easier for businesses victimized by robberies to get relief.

“We appreciate hearing from and deeply sympathize with cannabis operators impacted by the recent increases in organized cannabis theft,” Nicole Elliott, director of the California Department of Cannabis Control, told Marijuana Moment. “Though state law does not require excise and sales tax to be paid on stolen goods, the complexities of the current cannabis tax structure mean that, in practice, it can be difficult for retailers to recover those taxes.”

“We encourage businesses to focus their advocacy on addressing the broader cannabis tax challenges and engage with their state legislators on policy proposals to reform and simplify California’s cannabis tax structure,” she said. “A 2/3 vote is needed to amend the law related to cannabis taxes so any changes will require a collective effort.”

When a theft of cannabis occurs, a retailer seeking a refund of taxes needs to work with a distributor to amend relevant tax filings. Unlike other systems where tax is due only at point-of-sale, California’s cannabis tax process—where retailers must pay estimated excise tax to distributors, who then remit the payment to state tax authorities—is relatively long and cumbersome, and requires arduous record keeping.

Senter ended Monday’s event with a clear message to city and state officials: “Listen to us. This is our cry for help. Help us.”

“We’re not going to hire people with AK-47s and put them on the roof. That’s not our job,” she said. “That’s not why we started to sell weed. We didn’t decide to get into cannabis to kill people. We’re here to provide medicine and improve people’s lives.”

Prior to the spate of cannabis-related robberies, California Attorney General Rob Bonta (D) celebrated the 25th anniversary of the state’s move to legalize medical cannabis and described today’s market as “number one in the world.” However, he did acknowledge that more work needs to be done.

Separately, California officials started accepting concept proposals last month for a program aimed at helping small marijuana cultivators with environmental clean-up and restoration efforts.

Gov. Gavin Newsom (D) did veto a bill last month that would have allowed cannabis businesses to advertise on billboards along most highways in the state.

The governor also recently approved a bill to boost the state’s hemp industry by legalizing retail sales of a wide range of consumable products derived from the plant—including CBD-infused foods, beverages, cosmetics and dietary supplements. It will also eventually allow the sales of smokable hemp products in the state.

In September, Newsom signed separate legislation to require hospitals to permit medical marijuana use by certain patients in their facilities.

California officials are also making millions of dollars available for grants programs to support marijuana social equity initiatives and assist localities in processing pending cannabis business license applications.

Next year’s California State Fair will host a first-of-its-kind, state-sanctioned cannabis competition.

Marijuana Had ‘Unprecedented’ Success In State Legislatures In 2021, NORML Report Shows

Photo courtesy of Mike Latimer.

Marijuana Moment is made possible with support from readers. If you rely on our cannabis advocacy journalism to stay informed, please consider a monthly Patreon pledge.

What Happened

Bank of America reported mixed results for Q4 FY 2020. The bank reported EPS that beat expectations while revenue missed analyst forecasts. Both EPS and revenue were down compared to the year-ago quarter. The bank's equities trading revenue surpassed analyst estimates and was up year over year (YOY). However, bond trading revenue was below expectations and declined YOY. CEO Brian Moynihan noted that the bank is seeing continued signs of recovery from the economic fallout caused by the pandemic.

(Below is Investopedia's original earnings preview, published January 18, 2021.)

What to Look For

Bank of America Corp. (BAC), which held the highest share of domestic deposits among U.S. banks in 2019, has experienced falling revenue and profits over the past year amid ultra low interest rates. The Federal Reserve swiftly eased monetary conditions last March, cutting its key interest rate to near zero in order to provide liquidity to a pandemic-shocked economy. But those low interest rates are eating into many banks' profits.

Investors will be watching closely to see how well Bank of America is weathering two major challenges when it reports earnings on January 19, 2021 for Q4 FY 2020. These challenges are the low interest rate environment and the economic fallout from the COVID-19 pandemic. Analysts expect a substantial decline in earnings per share (EPS) as revenue falls for the fifth consecutive quarter.

Investors also will focus on the bank's trading revenue, both from its bond trading desk and its equities trading desk. Heightened volatility over the past year has provided significant opportunities for professional bank traders to boost revenue. That has helped to offset the adverse impact of low rates on the bank's net interest margin, which measures the difference between the interest banks earn on the loans they make and the interest they pay on deposits. Analysts are expecting both bond and equities trading revenue to rise.

Bank of America's shares lagged the broader market over the past year. The bank's underperformance gap widened as the broader market rebounded in the latter half of March 2020 following the late February crash. It was not until early November, following the U.S. presidential election, that the stock began to rise sharply and close the gap. Shares of Bank of America have provided a total return of -1.2% over the past 12 months, well below the S&P 500's total return of 15.6%.

The bank's stock has been relatively unaffected by quarterly financial results over the past year. Bank of America posted a 10.3% EPS decline in Q3 FY 2020, marking the third consecutive quarter of year-over-year (YOY) declines. Revenue fell 10.8%, the fourth consecutive quarter of YOY declines. The bank noted that falling net interest income was driven by lower interest rates.

The revenue decline was less severe in Q2 FY 2020, falling 3.3%. However, EPS plunged 49.6% compared to the same three-month period a year ago. The hit to the bank's earnings included a $4.0 billion increase in its loan loss reserve, reflecting the need to build up its buffer of cash against bad loans amid the economic fallout from the pandemic.

Analysts expect more declines in EPS and revenue in Q4 FY 2020. EPS is expected to fall 28.6% while revenue falls 9.1% compared to the year-ago quarter. For full-year 2020, analysts are forecasting a 34.7% decline in EPS and a 6.0% fall in revenue. Those would be the first declines for either financial number in at least five years.

Source: Visible Alpha

As mentioned above, investors also will be watching Bank of America's bond and equities trading revenue. The bank refers to these two revenue streams as fixed income, currency and commodities revenue and equities revenue, respectively. Bond trading includes revenue on currency and commodity trading, but mostly consists of revenue from bond market trading. With net interest income down due to extremely low interest rates, Bank of America is more dependent on its trading desks to pull in revenue.

During the first two quarters of FY 2020, the bank's bond trading revenue grew at rates unseen in at least 13 quarters. Revenue rose 29.1% in Q1 and by 40.2% in Q2. However, the bank had a rougher third quarter, as bond trading revenue fell 1.8% compared to the same three-month period a year ago. Analysts expect a 15.1% rise in Q4 FY 2020.

For the equities trading desk, Q1 FY 2020 was the big quarter, with equities trading revenue rising 43.0%. That's the fastest pace of growth the bank has had in at least 13 quarters. However, that pace slowed to 5.8% in Q2 and to 4.6% in Q3. Analysts are forecasting equities trading revenue to rise 15.8% in Q4 FY 2020.

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other.

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Why You Might Be Interested In Bank of America Corporation For Its Upcoming Dividend

Bank of America Corporation (NYSE:BAC) is about to trade ex-dividend in the next 4 days. Typically, the ex-dividend date is one business day before the record d

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Bank of America Corporation ( ) is about to trade ex-dividend in the next 4 days. The ex-dividend date occurs one day before the record date which is the day on

All investments involve risks, including the loss of principal. Securities trading offered through Robinhood Financial LLC, a registered broker-dealer and Member SIPC. Full disclosure

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What Happened

Bank of America reported mixed results for Q4 FY 2020. The bank reported EPS that beat expectations while revenue missed analyst forecasts. Both EPS and revenue were down compared to the year-ago quarter. The bank's equities trading revenue surpassed analyst estimates and was up year over year (YOY). However, bond trading revenue was below expectations and declined YOY. CEO Brian Moynihan noted that the bank is seeing continued signs of recovery from the economic fallout caused by the pandemic.

(Below is Investopedia's original earnings preview, published January 18, 2021.)

What to Look For

Bank of America Corp. (BAC), which held the highest share of domestic deposits among U.S. banks in 2019, has experienced falling revenue and profits over the past year amid consumer platinum debit card wells fargo low interest rates. The Federal Reserve swiftly eased monetary conditions last March, cutting its key interest rate to near zero in order to provide liquidity to a pandemic-shocked economy. But those low interest rates are eating into many banks' profits.

Investors will be watching closely to see how well Bank of America is weathering two major challenges when it reports earnings on January 19, 2021 for Q4 FY 2020. These challenges are the low interest rate environment and the economic fallout from the COVID-19 pandemic. Analysts expect a substantial decline in earnings per share (EPS) as revenue falls for the fifth consecutive quarter.

Investors also will focus on the bank's trading revenue, both from its bond trading desk and its equities trading desk. Heightened volatility over the past year has provided significant opportunities for professional bank traders to boost revenue. That has helped to offset the adverse impact of low rates on the bank's net interest margin, which measures the difference between the interest banks earn on the loans they make and the interest they pay on deposits. Analysts are expecting both bond and equities trading revenue to rise.

Bank of America's shares lagged the broader market over the past year. The bank's underperformance gap widened as the broader market rebounded in the latter half of March 2020 following the late February crash. It was not until early November, following the U.S. presidential election, that the stock began to rise sharply and close the gap. Shares of Bank of America have provided a total return of -1.2% over the past 12 months, well below the S&P 500's total return of 15.6%.

The bank's stock has been relatively unaffected by quarterly financial results over the past year. Bank of America posted a 10.3% EPS decline in Q3 FY 2020, marking the third consecutive quarter of year-over-year (YOY) declines. Revenue fell 10.8%, the fourth consecutive quarter of YOY declines. The bank noted that falling net interest income was driven by lower interest rates.

The revenue decline was less severe in Q2 FY 2020, falling 3.3%. However, EPS plunged 49.6% compared to the same three-month period a year ago. The hit to the bank's earnings included a $4.0 billion increase in its loan loss reserve, reflecting the need to build up its buffer of cash against bad loans amid the economic fallout from the pandemic.

Analysts expect more declines in EPS and revenue in Q4 FY 2020. EPS is expected to fall 28.6% while revenue falls 9.1% compared to the year-ago quarter. For full-year 2020, analysts are forecasting a 34.7% decline in EPS and a 6.0% fall in revenue. Those would be the first declines for either financial number in at least five years.

Source: Visible Alpha

As mentioned above, investors also will be watching Bank of America's bond and equities sears com customer service delivery revenue. The bank refers to these two revenue streams as fixed income, currency and commodities revenue and equities revenue, respectively. Bond trading includes revenue on currency and commodity trading, but mostly consists of revenue from bond market trading. With net interest income down due to extremely low interest rates, Bank of America is more dependent on its trading desks to pull in revenue.

During the first two quarters of FY 2020, the bank's bond trading revenue phone number santander customer service at rates unseen in at least 13 quarters. Revenue rose 29.1% in Q1 and by 40.2% in Q2. However, the bank had a rougher third quarter, as bond trading revenue fell 1.8% compared to the same three-month period a year ago. Analysts expect a 15.1% rise in Q4 FY 2020.

For the equities trading desk, Q1 FY 2020 was the big quarter, with equities trading revenue rising 43.0%. That's the fastest pace of growth the bank has had in at least 13 quarters. However, that pace slowed to 5.8% in Q2 and to 4.6% in Q3. Analysts are forecasting equities trading revenue to rise 15.8% in Q4 FY 2020.