With the legalization of cannabis in Canada on October 17, the sale of marijuana will no longer be on the illicit market – which means it can be taxed. By any measure, this will be a boon for government revenues, which in turn should benefit all Canadians.
Canada’s Parliamentary Budget Office estimated the initial annual tax revenues from cannabis at around $618 million, though revenues are expected to grow as the market matures. The provinces will retain 75 percent, and the remaining 25 percent will go to the federal government. Some of the federal tax revenues will go toward public education and health studies related to the impacts of cannabis use. The rest could go toward public infrastructure projects.
What do you think? Will tax dollars from cannabis contribute to your community?
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