No Cannabis Tax Relief In Canada, Tilray CEO Says This ‘Hinders Our Ability To Compete With The Illicit Market’
The Canadian government unveiled its 2024 budget on Tuesday and there was no excise tax relief for cannabis companies the industry was hoping for.
In February, the House of Commons Standing Committee on Finance recommended limiting the excise tax rate to 10%, igniting optimism across the cannabis space.
Analyst Pablo Zuanic, in a discussion about the impact potential excise tax changes would have on the cannabis industry, said marijuana businesses could have seen valuations soar by up to 300% with tax reform. But apparently, this is not going to happen.
The 430-page primary budget document mentions the word “cannabis” only once in relation to the committee’s plan to present a bill allowing Indigenous governments to create their own value-added sales taxes on certain goods, writes MJBizDaily’s Solomon Israel.
Cannabis Businesses Disappointed
Beena Goldenberg, CEO of Organigram Inc. (NASDAQ:OGI), a federally licensed producer of cannabis products said in an emailed statement, “Organigram is very disappointed that Deputy …