Things are changing in Canada. As you may have heard, the long-awaited marijuana legislation was announced this week, with legalization on the horizon for before Canada day in July 2018. Many people across the nation are seeing marijuana as the next natural resource, with real jobs and real opportunities as a result. This change to the Canadian legislation will mean big things for our government and country at large.
Canada’s federal government stated earlier this week that they believe they have an achievable timeline to have a nation-wide system for the distribution and sale of marijuana – with much of the work being done on the part of the individual provinces.
While there is a timeline, there are still so many questions that are left unanswered, especially when it comes to taxation and pricing according to the Toronto Star.
“Private sector, public, and academic economists project widely differing tax hauls in a legal regime, from a low end of $618 million (according to the federal parliamentary budget officer) to a high end of $5 billion or more (according to analysis by CIBC World Markets).”
As suspected, we can expect this to be a heavily regulated and taxed industry – but what does this mean for entrepreneurs and organizations at large? This is truly a wild west of opportunities coming down the pipeline for entrepreneurs. Once legislated, growing, curing, cooking and selling marijuana will be entirely legal. Business extends from just planting and growing to even the offshoot business ideas sprouting up around the new bill.
This is an exciting time for small business owners! Where big corporations are unable to swoop in, you’ll see small and midsize operations taking the plunge and diving into this new world of opportunities. The only catch: entrepreneurs and businesses need to be aware of the risks and the regulation surrounding this new industry. Don’t make a business plan without considering how you will be handling and managing product – a task easily handled by a smart ERP system, one that Mantralogix can help you get started on!
With only 18 months before potential legalization, working towards building a strong, Government of Canada approved business is in your best interest. Protect yourself from potential litigation and risk. We can help you clear the smoke around the process and make it as easy as 1-2-3! Give us a call today. Contact us.