(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

Hospice to Vernon council race candidate dies

A week after leaving hospice to go to city hall to declare his candidacy, David Hesketh has died.

Second bocce tourney boosts mental health cancelled

Predator Ridge Resort was to host the one-day event in partnership with Greater Vernon Bocce Open for mental health awareness

Garage sale to aid in kidney transplant recovery in Vernon Saturday

The event is set to take place at the Autoplex on 29th Street from 8 a.m. - 4 p.m.

Vernon-North Okanagan RCMP’s weekly wanted

Four people wanted by Vernon-North Okanagan RCMP are various outstanding warrants

Vernon-trained cyclist comes out of retirement for record-breaking ride

Golstein is partnering with Vernon’s Venture Training.

CUTENESS OVERLOAD: 2 sea otters hold hands at the Vancouver Aquarium

Holding hands is a common – and adorable – way for otters to stay safe in the water

Airline has ‘close call’ with drone while en route to B.C. airport

Jazz Aviation reported the drone sighting near Vancouver to the RCMP and Transport Canada

Tragic accident claims life of B.C. toddler

Fundraising effort has been created to help mom and family

B.C. nanny charged with sex abuse of 3 children

Saanich Police seek potential victims of Johnathon Lee Robichaud from Central Saanich

‘I’m no quitter’ on climate change issues, McKenna says at G7 ministers meeting

David Suzuki says if McKenna believes what she’s saying, she too should quit

VIDEO: Inside an eerily empty mall in Canada

Only seven of 517 retail spaces are open for business as the grand opening postponed to next year

B.C. wildfires burned large areas affected by mountain pine beetles: Experts

The mountain pine beetle epidemic affected more than 180,000 square kilometres in B.C.

Tens of thousands without power following tornado in Ottawa region

Hydro Ottawa says more than 170,000 customers were without power early this morning

BALONEY METER: Do Liberal policies mean a typical family is $2,000 richer?

MPs took to Twitter to talk how ‘typical’ Canadian families have more money due to Liberal policies

Most Read