The number of canceled cannabis business licenses have soared alongside the amount of “uncollectable” excise tax in Canada.
At least 123 federal cannabis business licenses either were canceled or pending cancellation in 2023, according to new data provided to MJBizDaily by the Canada Revenue Agency (CRA).
ADVERTISEMENT
That figure is almost triple the number of licenses canceled in 2022.
Companies with canceled licenses are unable to cultivate, produce, package or possess non-duty-paid cannabis.
The data paints a picture of an industry facing micro- and macroeconomic challenges, many of which were spelled out in briefing materials for Finance Minister Chrystia Freeland and obtained through an access-to-information request.
The latest CRA data shows that at least 212 licenses were canceled between federal marijuana legalization in late
Read full article on Marijuana Business Daily