The federal government will explore a single, harmonized federal excise duty stamp as part of a red tape reduction measure outlined in its 2024 Fall Economic Statement.
More info on the proposal is expected as part of Budget 2025, which is anticipated in February 2025.
The move from requiring producers to use 13 different provincial and territorial excise tax stamps to a single, harmonized stamp is something the industry has said would save cannabis producers time and money. In a meeting in October, The Cannabis Council of Canada (C3) called for such changes, saying they would go a long way toward addressing some of the logistical challenges the current tax stamp program creates.
Paul McCarthy, the president of C3, says he’s happy to see the government acknowledging the issue, but is frustrated that this announcement used a lot of vague wording rather than committing to immediate action.
“What they should be doing is implementing this,” says McCarthy. “It will help businesses. There’s no downside for anybody anywhere, but they still want to wring their hands and look at it more. Talk about a government that is not in touch with the needs of the sector.”
McCarthy adds that he was cautiously optimistic that the fall 2024 statement would have included some movement on the tax, but also acknowledges that expectations have been low due to the complexity of such a change. Although the industry has been asking for the excise rate to be lowered, many in the industry say a single stamp would at least relieve some of the financial burdens associated with the current stamp regime.
POUR LIRE LA SUITE: StratCann
Chargement en cours...
