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British Columbia Reports All-Time-High Cannabis Tax Revenue

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British Columbia Reports All-Time-High Cannabis Tax Revenue

As British Columbia expands the number of both private and public marijuana stores, tax recollection keeps growing.

In December, the province experienced an all-time high cannabis tax revenue since legalization in 2018. It reached CA$2.5 million (US$1.8 million). That's a 44% increase compared with the previous month, almost doubling November's tax collection from the cannabis industry.

Between October and December of 2019, 80 new cannabis stores were inaugurated, and between January and May — of the current year — over 100 more.

At the moment, the province does not have a tax distribution system, the Union of B.C. Municipalities (UBCM) believes it would provide an incentive for regulated cannabis companies, and calls on the province to formalize a deal.

“Results from UBCM’s survey clearly demonstrate that local governments are incurring substantial incremental costs associated with legalization,” the group said last year.

 

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