Thank you, Mr. Speaker. Mr. Speaker, in my Member's statement I talked about all of the good things the government has done as it relates to legalization. Now, I'm afraid I have to ask questions around what we're still lacking in our framework.
Currently the prices that we've all seen today on the online stores, and the long line-ups at cannabis and liquor stores, the price is around two to four times what the estimated street market is. This does not appear to be making a dent in the black market. Other Members have raised these concerns, so I would like to ask the Minister of Finance how he is monitoring the sale of black market cannabis and how they are ensuring our legal system is actually making a difference to curb the illicit trade of cannabis in the Northwest Territories. Thank you, Mr. Speaker.
Masi. Minister of Finance.
Thank you, Mr. Speaker. Mr. Speaker, in the 12 hours that cannabis has been legal, there was some concern about the price. The difficult question to answer is: how will it affect the illegal market? Maybe we'll send out a questionnaire and ask if it has affected the illegal market's bottom line, with the legalization of cannabis.
We will monitor it. We're 12 hours into the legalization. We will monitor it, and even the early indications with folks lining up at the stores and the online sales that we've had, that obviously has put a dent into the illegal market, but we will continue to monitor it. As I committed to committee, I will be giving them regular updates on the legalization and the effects it has. To answer the question as to how do we know we're making a dent, we don't. Thank you, Mr. Speaker.
I didn't ask have we made a dent in one hour. I asked how we are monitoring to ensure this process works. There was a commitment to bring forward a costed plan. There is still no costed plan. The Minister thinks this is a laughing matter; I think Northerners think this is a serious matter. So where is the plan, when is he going to bring it forward, and when is this side of the House going to be able to see it and evaluate it to make sure it protects our communities?
Masi. There are three or four different questions, but I'll allow the Minister of Finance to answer.
Thank you, Mr. Speaker. The Minister does not think it's a laughing matter, but having said that, it was said before that this was something that was sprung upon us by the federal government, and we worked hard to ensure that we were ready for it. The pricing market, we've given committee an update on the costing and how that was going to work, and we have the producer cost, we have the excise duty, we have the markup and the freight commissions administration costs. My understanding is the total retail price, and it depends on the strand, I believe, is around $10.
The Minister is giving us elements of a plan, components of a plan, components of the regime, but not a fully costed, articulated plan that was voted on in this House as a recommendation of the committee's report and committed to in writing by the Minister. The Minister knew in 2015 this was coming. We didn't do any substantial work until 2017. There was plenty of time to get things together. When is that plan going to come forward? I don't want to hear elements of the plan; I want to see a costed plan.
The Member is correct. I did make a commitment to provide an implementation plan. My understanding is that we should have that in committee's hands Monday at the latest.
Masi. Oral questions. Member for Kam Lake.
Thank you, Mr. Speaker. Will that plan include the private sector regulations or the private store, private sale regulations that this government committed to during the debates on the legislation? Thank you.
We provided the regulations for private vendors to committee. I believe it's also on our website, so if there are those out there who are considering becoming a private vendor, there are opportunities there. It's on the website with all the conditions that they have to meet, and I will follow up, but I would assume that would be part of the plan, as well. Thank you, Mr. Speaker.
Masi. Oral questions. Member for Frame Lake.
