Ontario made $217 million in cannabis sales during the last fiscal year
Marijuana hasn’t proven to be the cash crop the government expected, with cannabis excise tax revenues coming in at roughly half the original estimates.
In the first fiscal year that marijuana was legalized, 2018 – 2019, the government took in $18 million in cannabis revenues, but had expected to take in $35 million. This year the government expected it would bring in $100 million, but now estimates it will see only $66 million.
The government believes that number will continue to rise to $135 million next year and a steady increase until $220 million in 2023, according to a response to a question on the House of Commons’ order paper.
Those numbers represent only the federal taxes, with provincial taxes also being added to the purchase price. Before cannabis was legalized, the federal and provincial governments worked out a deal to split revenue from marijuana taxes, with 75 per cent of the money going to the provinces.
The excise tax is roughly $1 per gram and comes on top of GST and HST.
To Read The Rest Of This Article On National Post, Click Here