Adult\u002Duse cannabis sales in Canada are in the weeds.
A report from the firm Ernst and Young, commissioned by the Cannabis Council of Canada, found licensed producers in Ontario saw their share of sales revenue fall to 60.8% in April 2022 from 74.2% in July 2019.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“No one could have predicted the onset of a global pandemic and the impact it would have on storefront retail outlets,” the report says. “But the main cause comes down to a playing field heavily tilted in favour of an illicit market. Legal producers and sellers must comply with a myriad of government regulations and pay taxes at both the federal and provincial levels — rules illicit players don’t play by.
“The legal industry has adapted in a number of ways to remain competitive. Producers have rationalized operations to gain efficiencies and lowered their prices to attract consumers. But that’s left many struggling for profitability, with some pushed to the brink of bankruptcy. Price compression hasn’t had nearly the same effect on government revenues since most taxes on cannabis are based on volume, not price.
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