Legal pot is a booming business for Evergreen Cannabis on West 4th Avenue in Kitsilano, but co-owner Mike Babins also understands how tax revenues to the province are falling short of expectations.
“There’s only three stores open in the city and none in Victoria,” Babins said.
“I see (tax revenue) coming in very fast as stores open, as (retail sales) spread across the province,” Babins added, but in the meantime there are “not enough shops and too many alternatives that are too tempting.”
This week The Ministry of Finance revealed that it received its first instalment of B.C.’s share from the federal excise tax on legal marijuana sales, a $1.3-million payment for October, covering the days after official legalization Oct. 17.
And ministry staff said the province now expects its excise-tax take will add up to $68 million over the first three years of legalized recreational cannabis sales, which is