Slow pot-tax revenues down to slow rollout of retail stores: Suppliers via TheGrowthOp
Legal pot is a booming business for Evergreen Cannabis on West 4th Avenue in Kitsilano, but co-owner Mike Babins also understands how tax revenues to the province are falling short of expectations.“I see coming in very fast as stores open, as spread across the province,” Babins added, but in the meantime there are “not enough shops and too many alternatives that are too tempting.”
The federal government set a special excise-tax rate of $1 per gram for legal cannabis priced at $10 or less and 10 per cent on sales over $10 a gram, with revenue to be split 75 per cent to the provinces and 25 per cent to stay with the feds. Sutton said taxes will always be a disincentive for cannabis consumers to buy from the legal market, but “I think we need to generate tax revenue and the taxes seem appropriately priced at this time.”
In an emailed statement, Finance Minister Carole James said the province didn’t expect cannabis would generate substantial revenues for the province considering the costs also associated with setting up the new regulatory regime.
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