Canadian Cannabis Industry Leaders Hope to See Reform
To mark the fourth anniversary of nationwide cannabis legalization, the Cannabis Council of Canada brought together industry leaders and marijuana business representatives in hopes of sending an “urgent” message to lawmakers. Those actively involved in the nation’s cannabis industry want to bring attention to the “overtaxation” of legal businesses. The primary concern is the high excise taxes that marijuana producers must pay, which industry leaders say jeopardizes the sustainability of legal businesses. The Cannabis Council of Canada pointed out that the excise tax was created when the price of cannabis was much higher. Now that the average price of cannabis is about 50 percent less than when the excise tax was created, industry leaders say this taxation is unfair and burdens legal cannabis businesses.
Ontario’s Cannabis Regulator Warns Retailers Not to Sell Inventory to Unlicensed Third Parties
The Alcohol and Gaming Commission of Ontario (AGCO) has advised licensed cannabis retailers not to sell their inventory to “unlicensed third parties upon the closure of the store.” The warning was issued in response to an offer from a company called Leafythings Canada to purchase the inventory of struggling or closing cannabis retail stores. According to Leafything’s website, they are a web platform. However, it appears the company features illegal mail services and illicit marijuana businesses on the site, sparking concern for regulators. The company announced last month that they were beginning an initiative to “support” cannabis retailers by buying any available inventory from stores that are closing. Since AGCO sees this platform as operating outside the regulated market, they are warning businesses not to sell their products to Leafythings.
NY’s Cannabis Cultivators Are On Track to Supply Product
According to state officials, marijuana cultivators in New York have grown a crop large enough to supply the state’s adult-use retailers before sales launch, which is currently expected to happen at the end of this year. According to the Office of Cannabis Management Executive Director Chris Alexander, the crop will not only be ready but also high-quality, sun-grown cannabis. The information about the crop came just after the state’s Governor Kathy Hochul announced that the program is on pace to open 20 retail dispensary locations before year’s end.