Canadian cannabis made $186 million from taxes this year already
Cannabis has only been legal in Canada for about eight months now, but a new financial breakdown says that from last October to March, the government picked up a whopping $186 million from legal cannabis sales. Of that total, the federal treasury took in $55 million, but that’s still quite a bit of money that just didn’t exist last year.
Unfortunately, while those totals seem plenty high to us, they’re not quite as high as originally expected. The government could be making more, but there’s a balance required. Taxes that are too high can drive customers into a grey or black market (where taxes don’t get paid at all), and while taxes are cited as one of the biggest benefits of legalization, overtaxing could kill legal dispensaries and businesses completely.
Still, The Conference Board of Canada believes that while things have started out slow, there’s lots of growth ahead. Even if the figures are low, that’s $186 million the government didn’t have before, not to mention all of the money and time saved against enforcing unjust cannabis laws in the first place. The benefits of legalization may not exactly match up to the forecasts, but they are still benefits.