One of Israel’s top economic officials wants to impose tariffs of up to 165% on medical marijuana imported from Canada.
Nir Barkat, the minister of economy and industry, proposed keeping the so-called “dumping tax” in force for four years in an effort to bolster domestic suppliers and mitigate unfair competition, according to Israeli business publication Calcalist.
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Dumping taxes are often levied on foreign companies that sell products significantly below the price sold in their country of origin.
Breakdown of proposed tariff rates
The tax, which must be approved by Finance Minister Bezalel Smotrich within 14 days and then the Knesset Finance Committee, would levy the following rates on some of Canada’s largest medical marijuana exporters, including:
Tilray Brands, 70%. Organigram Global, 53%.
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