BEAMSVILLE, Ontario, Sept. 02, 2021 (GLOBE NEWSWIRE) -- At surface level, any organization participating in the Canadian economy is characterized by their consumers and sales – ultimately the bottom line is the object of examination. There is seldom a pause to consider the immense contributions that one organization, let alone an industry makes during any given year. The Canadian Vaping Association has assessed that every $1 spent in the industry is worth $2.70 to the Canadian economy. The significant impact reverberates further when professionals are hired externally by the industry. A flavour ban would have severe economic consequences on an economy that is currently perturbed.
As per Health Canada, “the estimated annual [tobacco-related] morbidity cost is $2,600 (2019 dollars) for an adult aged 27 and older who smokes.” This amount is significantly reduced when a person vapes, as vaping is up to 95% less harmful. An individual that reduces traditional cigarette use through vaping is exposed to less chemicals, as combustion caused by smoking is considerably more damaging. This cost, and burden on the economy, is alleviated by those who vape rather than smoke cigarettes.
In Canada, an industry survey found that vapers spend an average of $1200 per year on products. Among the expenses that contribute to the economy, there are the employee salaries that account for $276 (23%) and a variety of taxes, including provincial, federal, and corporate income tax, which together amount to $360 (30%).
“Through combining the annual morbidity cost, salaries, and taxes perspective is gained on the amount that is restored to the nation. Every $1 spent in the vaping industry is worth $2.70 to the Canadian economy. This amount does not include the services of external professionals including accountants, lawyers, software firms, graphic designers, and so on. The vaping industry plays an integral role in the currently fragile economy and a flavour ban would jeopardize much more than the individual vendor.” said Darryl Tempest, Executive Director of the CVA.
The looming concern rests in the flavour ban in Nova Scotia, where almost 90% of specialty vape shops closed within a 3-month period. It serves as a pointed warning that a national flavour ban could potentially echo similar damages through the entire Canadian vaping industry and the Canadian economy.