(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.

Just Posted

Glimpses of our past for Feb. 20

125 Years Ago: Kootenay Star, Feb. 24, 1894 A concert entertainment was… Continue reading

Stoked on Science: Deep in the Polar Vortex

Jade Harvey Special to the Review Sounds like science fiction doesn’t it?… Continue reading

Upcoming Revelstoke community events for Feb. 20-27

To have your event featured in this story submit the details to… Continue reading

Steski: NDP supports nation-wide pharmacare system

Earlier this month, the federal NDP began to outline their plan to… Continue reading

Family Day move a welcome change: poll

Okanagan readers voted that the new date for Family Day in B.C. is a positive change

Trudeau’s principal secretary, Gerald Butts, resigns amid SNC-Lavalin furor

Butts categorically denies the accusation that he or anyone else in the PMO improperly pressured former attorney general Jody Wilson-Raybould

B.C. father and sons launch new trunk-sharing system, ‘Trunkit’

Smiths say peer-to-peer shipping service offers an affordable, green alternative

Lost a ring? This B.C. man will find it for you

Chris Turner founded The Ring Finders, an international directory of metal detector hobbyists

Salmon Arm’s Laura Hall on bronze-winning skating squad

Hall’s team placed third in long track team pursuit at the Canada Winter Games

Poverty coalition has high hopes for B.C. poverty reduction strategy

Funding allocation expected to be released with 2019 budget

‘How did we get here?’: B.C. mom of transplant recipient worries about measles outbreaks

Addison, 7, cannot get a live vaccine because she has a heart transplant

Review: Joie de Vivre a celebration of homegrown talent

The Okanagan Symphony Orchestra concert featured Ernst Schneider

NDP Leader Jagmeet Singh calls for public inquiry over SNC-Lavalin questions

Vancouver member of Parliament Jody Wilson-Raybould resigned from cabinet last week

Canadian airlines waiting for guidance from Ottawa over X gender option

Major U.S. airlines said they will change their process so passengers can identify themselves along non-binary lines

Most Read