The Canadian Federal Government expects to gain over $35M in the first year of legal cannabis sales in the country. Canada continues to lead countries around the world looking to capitalize on tax dollars that can be generated from the legalization of cannabis and industrial hemp.
Canadian provinces and the federal government have agreed to a 75/ 25 revenue sharing agreement, in favor of the provinces. The Canadian Government has also agreed to a $100M cap in the first two years of legalization and will also exercise a $1 per gram, or 10 cents per cannabis product sold, tax on cannabis businesses.
Over the next 5 years the Canadian Federal Government expects to generate almost $700M that can go to fund education programs, infrastructure buildout, and expand the already booming Canadian economy. Though the legalization of cannabis throughout the country has been pushed back to the end of summer, Canada expects to open up the legalization of extraction of cannabinoids from industrial hemp July 1, 2018.
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