This is Why the Canadian Cannabis Industry Deserves its Own Tax Relief Plan

Article by Anisha Dhiman, Growth Op

NEWS This is why the Canadian cannabis industry deserves its own tax relief plan The federal government has announced sweeping reliefs for small and big businesses due to COVID-19 shutdowns, but cannabis companies have had difficulty accessing these measures By Anisha Dhiman Led by the National Cannabis Working Group, companies are asking the government to waive regulatory fees over the next three fiscal quarters. PATRICIA DE MELO MOREIRA/AFP via Getty Images

Burdened by the economic impact of COVID-19, the Canadian cannabis sector is speaking up.

Led by the National Cannabis Working Group, companies are asking the government to waive regulatory fees — 2.3 per cent of a company’s annual revenue — over the next three fiscal quarters. In fiscal 2019, companies paid $3.6 million in regulatory payments.

“We have also raised this issue through previous correspondence with federal ministers during the COVID-19 crisis, but we haven’t received any response yet,” says Ryan Greer, Cannabis Policy Lead and Co-Chair of the National Cannabis Working Group. The group was launched by the Canadian Chamber of Commerce in 2019 and comprises 70 companies from the cannabis space.

Read the full article here.

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