California Department of Tax & Fee Administration (CDTFA) and the California Highway Patrol (CHP) will sell property seized from 10 marijuana businesses at a public auction on February 16, 2024, in Los Angeles. This is the first public auction for property seized during cannabis enforcement actions in California.
"Seizing and auctioning property from cannabis businesses that evade the law is a tool to recover the taxes owed to the state," stated CDTFA director Nick Maduros.
The property was seized as a result of search warrants served to collect taxes owed by 10 marijuana businesses, out of which nine are illegal. Proceeds from the auction will be used to cover the liabilities owed by each of the ten debtors. These 10 LA-based cannabis operators owe more than $10.4 million in unpaid taxes.
Items that would be sold “as is” include cannabis manufacturing equipment, glass bongs, furniture, electronics, appliances and miscellaneous office supplies. Individuals interested in buying the items need to pay in cash, money order or cashier's check and collect them on the day of the auction – Friday.
The auction will be held at a CHP parking lot at 777 W. Washington Blvd. in Los Angeles, with preview and bidding registration starting at 9 a.m. and bidding commencing at 10 a.m.
Related Links: California’s Proposed Cannabis Bill: Learn How This Controversial Legislation Could Revolutionize The States’ Industry
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