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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Top Cannabis Event In New Jersey
Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!