FROM CBC:
Finance Minister Bill Morneau has worked out a deal on sharing pot tax revenues, and says marijuana will be competitively priced at about $10 a gram to shut down the black market.
An agreement announced Monday gives the provinces and territories 75 cents of every dollar collected in excise tax levied on cannabis for the first two years. That's a significant increase from the 50-50 split the federal government had proposed last month.
Under the deal reached during a meeting in Ottawa with Morneau and his provincial and territorial counterparts, the federal portion of tax revenues will be capped at $100 million a year. That figure is based on a projected $400 million a year in total tax revenue, with any dollars collected above and beyond that shared by the provinces.
"After two years, it's time to rethink the approach to make sure we're getting it right," Morneau said.
Finance ministers agreed on a plan to keep the price low to drive out the illegal black market and move to a legal, regulated one. With one dollar, or 10 per cent taxation per gram, the expectation is that legal marijuana will be priced at about $10 a gram with all taxes included.
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Liberals reach deal with the provinces on sharing pot tax revenue, with price pegged at about $10 a gram
