It was reported in September that both the federal and provincial government bodies were considering pricing legalized marijuana products at $10 per gram, and it appears finance ministers have all but confirmed that cost.
Ottawa reached an agreement to turnover 75 per cent of tax revenue from marijuana sales to the provinces on Monday. Federal finance minister Bill Morneau also indicated that, in an effort to squeeze out the black market, the cost will likely be $10 per gram. So, that’s a very competitive price compared to what people pay on the street…not that we’d know anything about that.
“Our expectation is that, by keeping prices low, we will be able to get rid of the black market. However that will happen over time,” Morneau said.
Marijuana is expected to be legalized by July 1, 2018. The government of Ontario recently unveiled plans to sell the product over the web and in standalone storefronts operated by the LCBO.
Image via Flickr/Miranda Nelson