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- Written by: Elizabeth Larson
For years, cannabis farmers have been wanting to secure the same protections and transparency the California wine industry implemented decades ago.
On Oct. 12, Gov. Gavin Newsom signed Sen. McGuire’s bill – SB 185 – which establishes for the first time in history, appellation protections for cannabis.
Now law, SB 185 expands the prohibitions already in statute on improperly using county names for cannabis products to include appellation protection based on specific geographic regions and/or using any similar sounding name of appellations on the product label.
“This law will prevent cannabis manufacturers from claiming, for example, their product is grown in the emerald triangle, when in fact it was grown in Sacramento. The law takes into account the critical ingredients to a successful appellation designation such as geographic location, soil types, farming techniques and microclimates,” Sen. McGuire said. “Customers have come to expect truth in labeling in wine and this critical bill ensures manufacturers market products that meet similar appellation requirements with Cannabis.”
SB 185 was endorsed by Secretary of State Padilla, the California State Association of Counties, Humboldt County Growers Alliance and the California Cannabis Industry Association.
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- Written by: Elizabeth Larson
The agency has also upgraded the rating on the state's outstanding lease debt, its outstanding appropriation debt and outstanding school fund apportionment lease revenue bonds.
According to the agency, the upgrade "recognizes the state government's disciplined approach to managing revenue growth indicated by its use of surplus funds to build reserves and pay down long-term liabilities."
“While Washington balloons the national debt to pay for tax cuts for the rich, California is showing that it is possible to take bold action to tackle the affordability crisis, climate change, and other challenges all while living within our means,” said Gov. Newsom. “We are advancing progressive values while growing our rainy day fund, paying down pension liabilities and eliminating our state’s wall of debt.”
In August, Fitch Ratings also upgraded the state’s credit rating, writing that California has improved its ability to weather an economic downturn.
The 2019 Budget Act signed by the governor made a series of investments in expanding the state’s financial security.
The budget will end the year with total reserves of $19.2 billion, of which $16.5 billion is in the Rainy Day Fund, $1.4 billion in the Special Fund for Economic Uncertainties, $900 million in the Safety Net Reserve and nearly $400 million in the Public School System Stabilization Account.
The budget makes an extra payment of $9 billion over the next four years to pay down unfunded pension liabilities. This includes $3 billion to CalPERS and $2.9 billion to CalSTRS on behalf of the state, and $3.15 billion to CalSTRS and CalPERS on behalf of schools.
The budget invests $4.5 billion to eliminate the Wall of Debt and reverses the decade-old deferral undertaken during the last recession.
The budget prioritizes one-time investments, with 88 percent of new expenditures being temporary rather than ongoing. This addresses the affordability crisis facing Californians while minimizing ongoing commitments to avoid putting the state at fiscal disadvantage in the future.
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