B.C. has signed on to Ottawa’s tax for legalized marijuana, though the province has not yet decided whether to share the money with local communities.
Finance Minister Carole James signed the “coordinated cannabis taxation agreement” with the federal government late last week, formalizing Ottawa’s offer to share 75 per cent of pot revenue with provinces and territories. The federal government had originally proposed a 50-50 split, but caved in December to pressure from provinces that argued they deserved a richer cut of the pending cash stream.
“I’m proud of the federal excise tax agreement for cannabis that British Columbia helped negotiate,” James said in a statement Tuesday. “The agreement ensures that 75 per cent of the excise tax revenue will come to the province, and the federal government’s revenue is capped at $100 million. The revenues outlined in this agreement will help us manage our priorities for British Columbians.”
– Read the entire article at Vancouver Sun.