RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, ADOPTING THE PREVIOUSLY APPROVED CANNABIS BUSINESS TAX AT THE RATE OF EIGHT PERCENT (8%) OF GROSS RECEIPTS OF ALL ENGAGED IN CANNABIS BUSINESSES IN THE CITY WHEREAS, on November 28, 2023, the Riverside City Council placed before the voters a ballot measure, “Measure B,” to enact an ordinance allowing the City Council to implement an excise tax on cannabis businesses within the City of up to ten percent (10%) of gross receipts on every cannabis business operating in the City; and WHEREAS, Riverside voters approved Measure B, with 61.47% voting in favor of that measure; and WHEREAS, City Council Ordinance 7661 established Chapter 5.78, entitled “Cannabis Business Tax,” of Title 5, “Business Taxes, Licenses and Regulations,” of the Riverside Municipal Code, which allows the City Council to impose, by resolution, an excise tax of up to ten percent (10%) on the gross receipts of all cannabis businesses within the City; and WHEREAS, revenues from a cannabis business tax would go into the City’s General Fund to be used for unrestricted general revenue purposes, and WHEREAS, the City Council desires to implement the Cannabis Business Tax, pursuant to Chapter 5.78 of the Riverside Municipal Code, at the rate of eight percent (8%) of gross receipts of all cannabis business within the City of Riverside.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Riverside, as follows:
Section 1: The foregoing recitals are true and correct and are hereby incorporated by reference.
Section 2: Pursuant to Chapter 5.78 of the Riverside Municipal Code, the Cannabis Business Tax is hereby imposed at the rate of eight percent (8%) of gross receipts of those engaged in cannabis business within the City of Riverside.
Section 3: This Resolution shall become effective immediately upon passage.
ADOPTED by the City Council this ______ day of August, 2024. _________________________________ PATRICIA LOCK DAWSON Mayor of the City of Riverside Attest:
____________________________
City Clerk of the City of Riverside
I, Donesia Gause, City Clerk of the City of Riverside, California, hereby certify that the foregoing resolution was duly and regularly adopted at a meeting of the City Council of said City at its meeting held on the _____ day of August, 2024, by the following vote, to wit:
Ayes:
Noes:
Absent:
Abstain:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Riverside, California, this _____ day of August, 2024. _____________________________
City Clerk of the City of Riverside
22-2104.68 sw 7/15/24
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CITY ATTORNEY’S OFFICE
3900 MAIN STREET
RIVERSIDE, CA 92522
((951) 826-5567