(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

Surrey moves to ban sleeping overnight in RVs, motorhomes on city streets

Proposal comes amid complaints about homeless people living in recreational vehicles

$50,000 reward for ‘extremely violent’ South Surrey murder suspect renewed

Offer for information on Brandon Teixeira to remain in effect through April, 2020

Surrey restaurant owner who pointed handgun at staff loses court appeal

Jawahar Singh Padda tried to get his 30-month sentenced reduced

White Rock senior ‘just sick’ about lost rings

Wedding, engagement bands discovered missing on Oct. 7

Surrey cold-case murder is Crime Stoppers’ ‘Crime of the week’

Police have yet to arrest a suspect in the April 24, 2011 murder of Devon Allaire-Bell, 19, in Newton

VIDEO: First all-female spacewalk team makes history

NASA astronauts Christina Koch and Jessica Meir did work on International Space Station’s power grid

Zantac, the over-the-counter heartburn drug, pulled in Canada, U.S.

Health Canada also investigates possible carcinogen in some ranitidine drugs

B.C. public safety minister says cannabis edibles not in stores til January

Mike Farnworth says he wants regional issues considered when it comes to licensing

Greta Thunberg calls for climate action in Alberta, but doesn’t talk oilsands

Swedish teen was met with some oil and gas industry supporters who came in a truck convoy

Scheer denies spreading ‘misinformation’ in predicting unannounced Liberal taxes

Conservative leader had claimed that a potential NDP-Liberal coalition could lead to a hike in GST

Council asks to limit cruise ship visits to Victoria harbour

Mayor says motion is not meant to curtail current visits or limit local cruise industry expansion

Chilliwack man pleads guilty in crash that killed pregnant woman

Frank Tessman charged under Motor Vehicle Act for accident that killed Kelowna school teacher

Kawhi Leonard, former Toronto Raptor, welcomed back to Vancouver at pre-season game

Fans go wild at pre-season game between L.A. Clippers and Dallas Mavericks at Rogers Arena

Greens and NDP go head to head on West Coast; Scheer takes fight to Bernier

Trudeau turns focus to key ridings outside Toronto after two days in Quebec

Most Read