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Canada Could Reap As Much As $5 Billion Annually In Tax Revenues From The Sales Of Legal Marijuana

marijuana plant

Ottawa, Canada – A new report from CIBC World Markets says Canada’s provincial and federal governments could reap as much as up to $5 billion annually in tax revenues from the sales of legal marijuana.

These report uses Colorado sales figures and estimates the Canadian pot market to be worth about $10 billion annually. It also uses net profit margins from Ontario’s government booze and monopoly and income and payroll taxes to arrive at the revenue total.

The numbers were also based on other estimates of Canadian recreational pot consumption as well as the revenues experienced in the United States where marijuana is legal. They also used other factors such as ‘sin tax’ rates on alcohol and tobacco.

Canada’s Liberal government has promised to legalize, tax and regulate marijuana and hopes that it will curb the untaxed black market as well as generate extra profits from pot tourism.

Former Toronto police chief, MP Bill Blair, has been made the lead on investigating a new regulatory model.

“It was never about a money-maker, it was always about public health, public safety,” the prime minister Justin Trudeau said in December during a year-end interview.

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