Canada Starts To Tax Cannabis Like Tylenol
Posted by Marijuana Doctors on 11/07/2014 in Medical Marijuana Laws
In Canada the Tax Court Justice, Campbell Miller, recently ruled that marijuana will be subject to federal Goods and Services Tax (GST), just like Tylenol, flu remedies, cough syrup, and other over-the-counter medications. The ruling confirms that Canadian government’s intention to legalize, regulate, and tax marijuana.
Recent legislative changes have created a budding medical marijuana industry in Canada, that is predicted to be valued at over $1 Billion dollars within a few years.
The creation of this new commercialized cannabis industry is opening the door to early investors of the green rush, who could stand to gain substantial returns. While there are already dozens of publicly traded companies applying to for permits to grow marijuana, the trick will be picking the winning needle out the haystack. And it would appear that Supreme Pharmaceuticals (CNSX:SL) (OTC:SPRWF) has recently hooked one such expert, Mr. Brayden R. Sutton, President and CEO of CannabisHealth.com.
Mr. Sutton joins Supreme as one of the most prominent cannabis investment experts in Canada, with over 10 years already in the field. “Being an early mover in the cannabis space, I was sought after and extended offers from almost every cannabis-related company in Western Canada as they all tried to position themselves in the marketplace,” stated Sutton in an exclusive interview with Financial Press, “Some of the offers were very tempting but I was truly looking for a company that checked all the boxes – the one that is providing Health Canada precisely what they’re looking for in the MMPR, one that could provide good value to their patients as well as their shareholders, and one that I felt will be around 10 years from now. I’m not interested in being a small player in the space or making a quick buck in a new sector – I want to take Supreme, the best company in the space in my opinion, to the finish line; and really set it up to be the dominant, low-cost, high-quality producer here in Canada.”
“Supreme received its ready-to-build permit back in January of this year,” stated Sutton, “Our facility has been fully retro-fitted to exceed the requirements of the Health Canada. It’s large, it’s secure, it’s in the right area, and we have local political support – on all levels. From local MP’s, the Mayor, and the town itself. We truly couldn’t be in a better town than Kincardine, Ontario. The 16-acre property, which houses the 7-acre facility, is located on the Bruce Energy Centre and has been independently appraised with an ‘in-use’ value of just under $22 million. We were fortunate enough to secure it for only $4.5m on very favourable terms. And frankly, we’ve yet to find a facility in Canada that is as more ideally suited to the MMPR as this one is, particularly when considering the local support, available skilled labour pool and heightened law enforcement presence due to our proximity to the Bruce Nuclear Power Plant. Our final phase of security is underway as we speak with Marcomm Systems Group and our Security Director, former OPP Drug Investigator Alan Roberton. We expect them to be complete by early November, at which point we will be ready to invite Health Canada to our facility for the inspection.”
“We’ve employed Thaddeus Conrad, who is one of Canada’s leading producers of medical marijuana. Mr. Conrad is a leading breeder of innovative medical marijuana varieties, varieties which have earned him the title of North America’s most awarded marijuana breeder. As a result of this, Mr. Conrad is incredibly well-known under the name ‘Med-Man Brand. It is an honor to have him exclusively, as he brings with him decades of practical experience as well as a large and loyal patient following for early patient acquisition out of the gate. He is now collaborating with our team of greenhouse technicians, which includes one of Canada’s top agricultural experts who is a researcher at a well-known local University. At Supreme we have three elements: in our greenhouse we acquired the ideal facility, in Mr. Conrad we retained the best medical marijuana cultivator and breeder in the country and in our agricultural team we have some of the leading experts in pharmaceutical agricultural production. By doing this, we feel we will truly have the best value in the marketplace to offer our clients top-quality medicine, consistently, at a very affordable price,” said Sutton.
Sutton also stresses that Supreme’s facility is far from a the typical style “grow-op” – it’s a high-tech pharmaceutical-grade greenhouse, ideally suited for the production of medical marijuana.
Health Canada has stressed time and again that it wants a regulated, standardized, automated production system that will turn out a consistent, and above all, safe product that meets their very strict quality assurance measure, and Supreme’s facility provides just that; a large volume producer, with a design and operational plan designed for standardization and safety and sufficient economies of scale to implement robust quality control and quality assurance procedures.
Commenting on Canada’s decision to tax cannabis like other over the counter medications, such as Tylenol, Jason Draizin, CEO of MarijuanaDoctors.com and Canada.MarijuanaDoctors.com said,” Canada has finally taken the necessary steps to insure that www.MarijuanaDoctors.com will be able to secure relationships between doctors and patients, as well as now producers, with a total turn key solution for the Canadian medical market place. Canada.marijuanadoctors.com is a perfect example of the streamlined efficiency we hope to be able to implement into the American medical market place one day in the near future.
MarijuanaDoctors.com also intends to launch similar portals for others countries now implementing medical marijuana laws too. “We never planned on having to understand international laws in regards to medicine when we started this venture here in America, but lately we have been busy developing and building subdomains for Israel, Canada, Uruguay, and Guam, in addition to the many new states in the Americas. We also plan to relaunch www.Potlocator.com in December, which will manage updates on any locator site or social medium. The site has been rebuilt to be more mainstream, including the newly added recreational marijuana states here in the USA. It is essentially the number one site to help people legally locate pot,” said Draizin.