Following Prime Minister Mark Carney’s election victory, the Cannabis Council of Canada called on the new government to “address glaring gaps and shortcomings in the legal cannabis industry.”
In a statement, Paul McCarthy, president of the Cannabis Council of Canada, said, “With a new government in office, it’s time for action. The cannabis industry deserves the same attention and support as any sector of our economy.”
“Canada likes to position itself as a global leader in legal cannabis – but since legalization in 2018, the federal government has failed this industry and the tens of thousands of hardworking Canadians it supports.” — McCarthy in a press release
The council is calling for tax reforms, describing the current framework as “completely misaligned with today’s market realities,” noting that at the launch of the legal market in 2018, cannabis sold for $10 per gram, but today, producers are seeing about $3 per gram. Yet, the excise tax remains greater than 10% of the product’s value or $1 per gram. The council is calling on the new government to eliminate the $1 per gram floor and replace it with a 10% ad valorem rate –