Pot Taxes Net $186 Million for Governments

marijuana - depositphotos 186 MILLION

CBJ — Figures released by Statistics Canada indicate the federal and provincial governments earned $186 million in cannabis-related revenue in the first five-and-a-half months since legalization in October.

The Ottawa-based agency said revenue came from product-specific excise taxes and general taxes on goods and services, such as the Harmonized Sales Tax, directly related to the sale of cannabis.

The federal government drew $19 million in excise taxes, while provincial governments got $79 million from excise taxes and related adjustments.

Revenues from general taxes on goods and services brought in an additional $36 million at the federal level and $53 million via direct provincial general taxes on goods and services.

It added that excise taxes increased by 12.4% in the first quarter of 2019 compared with the fourth quarter of 2018 on higher sales by licensed producers to distributors.

@CanBizJournal

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