Canadian government’s cannabis duty surpasses CA$1 billion since 2018

The Canadian federal government has assessed more than 1 billion Canadian dollars ($740 million) in total duty on cannabis products since they were legalized for recreational use in 2018, according to federal data.

The milestone comes as executives hope the government offers relief on the fee and excise regime it imposes on the industry amid mounting job and financial loses.

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According to the Canada Revenue Agency (CRA), the federal government assessed approximately CA$862.3 million in total duty on cannabis products between the 2018-19 and 2020-21 fiscal years, most of which has been shared with provinces and territories.

The CRA has yet to publish comparable figures for the 2021-22 financial year.

But the most recent public accounts, which details the government’s expenses and revenues, shows the federal government received revenue from the cannabis levy worth CA$160.2 million that year, bringing total duty since 2018 to a minimum

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The Canadian federal government has assessed more than 1 billion Canadian dollars ($740 million) in total duty on cannabis products… Continue reading
The post Canadian government’s cannabis duty surpasses CA$1 billion since 2018 appeared first on GrowCola.com. 

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