Canadian cannabis business owners are calling for help from the federal government, saying high tax rates and strict rules have left their businesses struggling to survive.
Five Canadian cannabis sector CEOs joined a press conference, organized by the Cannabis Council of Canada, Wednesday on Parliament Hill to discuss the extent of layoffs and facility closures in the industry.
"You're hearing from producers here today because we as growers and manufacturers sit at the heart of the cannabis supply chain," said President and CEO of British Columbia company Pure Sunfarms, Mandesh Dosanjh. "We need to be healthy in order for the whole system to thrive, but that's not reality. Producers stand here in peril. Canadian cannabis is in peril."
High excise taxes have been one of the biggest challenges for businesses, the CEOs said in Wednesday's press conference, adding the 2.3 percent excise tax rate has become too costly, particularly after a year of increased inflation rates.
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