Overtaxed & Overburdened’: Cannabis Industry Suffocating Under Regulatory Regime

Cannabis Council of Canada’s Paul McCarthy says he’s ‘bewildered’ at the feds’ lack of action despite growing calls from industry, experts, and a House committee.

With thousands of job losses since marijuana’s legalization in 2018, cannabis companies large and small closing their doors due to an increasingly burdensome tax regime, and growing levels of unpaid federal debt, cannabis stakeholders say without urgent action, there may soon no longer be an industry to tax.

Leading up to the tabling of the 2024 federal budget on April 16, cannabis industry stakeholders were lobbying the federal government to adjust the excise tax, which they say has hampered the industry from turning a profit more than half a decade since legalization, causing more than 4,000 job losses and leading hundreds of companies to owe millions of dollars in tax debt to the federal government.

Read the full article at Hill Times.