Ontario’s provincial government is budgeting for a record windfall of more than 600 million Canadian dollars ($442 million) in the next fiscal year from cannabis wholesale profits and its portion of the federal excise tax.
The windfall comes after a federal report to Canadian Finance Minister Chrystia Freeland revealed that “after five years of legalization, there are no licensed producers of legal cannabis products that are consistently profitable.”
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According to the provincial budget released Tuesday for the fiscal year April 2024 to March 2025, the provincial government said it expects to receive CA$379 million from its portion of the federal cannabis duty, a 22.2% increase over the 2023-24 fiscal year.
That’s despite the fact that cannabis producers in Ontario had federal excise debt
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