(Cannabis Culture/Flickr photo)

B.C. cities ask province for 40% of pot revenue

That would equal out to $50 million in marijuana cash in the first two years after legalization

B.C. cities overwhelmingly voted in favour of collecting 40 per cent of pot revenue once the drug is legalized on Oct. 17.

“It’s really about making sure that we get some of the federal excise tax revenue to pay for what cannabis legalization will cost our communities,” said Vancouver Coun. Kerry Jang.

“The goal… is to ensure that we don’t have to raise property taxes by one cent to pay for cannabis legalization in our communities.”

READ MORE: B.C. towns to premier: Show us the marijuana money

READ MORE: Pot, taxes and Greyhound top issues as B.C. local politicians dig into policy

The proposal from the Union of B.C. Municipalities on Thursday called on the government to give 40 per cent, or $50 million, of the expected $125 million in cannabis excise tax revenue for the first two years after legalization.

Any revenue above $125 million would be shared 50-50 and each community, no matter its population, would get at least $10,000.

After the first two years, if the actual revenues matched the projected revenue then the original revenue sharing agreement would continue. If not, the B.C. cities propose raising the tax on pot from seven to 10 per cent. The extra three per cent would go to local governments.

Finance Minister Carole James said that the province is in constant communication with the UBCM on the pot revenue sharing file.

While James would not definitely comment on the UBCM’s proposal, she said the province was “open to having that discussion.”


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

UBCM

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

PHOTOS: What summer 2020 is like in Revelstoke

Contributors submit their favourite photos from this summer

Celebrate wildflowers next week in Revelstoke

Tourism Revelstoke is hosting a wildflower festival with various activities Aug. 9-16

Body of 21-year-old man found in Okanagan Lake

BC Coroners Service is investigating the circumstances of the man’s death

LETTER: Revelstoke does not need proposed Hay Rd. development

The development calls for 60 housing units

Which streets in Revelstoke have the most crashes?

The data was recently released by ICBC

Airlines dispute Dr. Henry’s claim they ‘very rarely’ give accurate COVID contact tracing info

Air Canada, WestJet say they provide names and contact information

B.C. Appeal Court prevents Victoria woman from using the term ‘death midwife’ in her job

Pashta MaryMoon claimed she had been providing “death-care services” for more than 40 year

‘We all have anxieties’: B.C.’s top doctor addresses return-to-school fears amid COVID-19

Dr. Bonnie Henry promises school restart plan safe for B.C. kids

West Kelowna wildfire ‘under control’

B.C. Wildfire anticipates no further growth from the three-hectare fire

Abbotsford mom worried about her two kids in Beirut following explosion

Shelley Beyak’s children were abducted by their dad in 2018

Young Canadians, hospitality workers bear the brunt of mental strain in 2020: report

A study by Morneau Shepell points to economic uncertainty in the pandemic as the cause for angst

Dry Lake wildfire now classified as held

Wildfire was burning out of control north of Princeton for three days

Health Canada recalling more than 50 hand sanitizers in evolving list

Organization says to stop using products listed, and to consult a health-care professional

Regional District of Okanagan-Similkameen pays nearly $8 million in wages

Figures included in latest Statement of Financial Information

Most Read