Canada’s cannabis license holders applaud Budget 2022
Budget 2022 responds to C3’s efforts to simplify the Cannabis Excise Tax Framework and acknowledges the industry’s economic contribution and significant potential.
Ottawa, ON, April 7, 2022 – As the national representative of licensed producers and processors of cannabis, the Cannabis Council of Canada applauds Budget 2022’s announcements on changes to the Cannabis Taxation Framework and General Administration under the Excise Act, 2001 and on Engaging the Cannabis Sector.
“Today's budget recognizes the scale and impact of Canada's cannabis sector. The amendments to the Cannabis Excise Duty Framework are both technical and consequential for many Licence Holders and the promised launch of a cannabis industry strategy table at ISED is a means for our sector to contribute more to the public health, social and economic goals for Canada,” noted George Smitherman, President and CEO of Cannabis Council of Canada.
In the space of three and a half years, Canada’s legal cannabis sector has created 50,000 jobs, contributed $15 billion to government revenue and $45 billion to Canada’s GDP. The proposed changes to the Excise Tax Framework will strengthen the cannabis industry’s efforts to build a sustainable supply chain and provide more value to the medical and adult-use cannabis consumer. “We wish to thank the members of C3’s Excise Tax Task Force for their contribution to C3’s advocacy efforts and acknowledge the leadership of our co-chairs, Trina Fraser (Brazeau Seller Law) and Sunil Gandhi (the Valens Company),” noted Smitherman.
Budget 2022’s commitment to establishing a “cannabis strategy table that will support an ongoing dialogue with businesses and stakeholders in the cannabis sector” is another positive development for Canada’s nascent cannabis sector. C3’s “Not Done Yet Report Card” on cannabis legalization signaled the need for government programs and services tailored to the unique needs and opportunities of Canada’s cannabis industry. “With the right mix of government supports and understanding, Canada will be the world leader in legal cannabis, creating jobs and opportunities for people in communities across Canada,” concluded Rick Savone, C3’s Board Chair and Senior Vice-President, Global Government Relations with Aurora Cannabis.
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