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Finance committee That is not federal, but it's—
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee If I may add—
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee There is a huge differential between liquor jurisdictions. In Ontario, for example, that 63¢ per litre excise tax becomes manifest, and it will be 90¢ by the time it's sold through the LCBO.... It's a much higher number by the time it's absorbed by the licensees, by the restauran
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee Innovation is the lifeblood of our industry.
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee As reported by the LCBO, the NSLC, our liquor boards across the country, 80% of the growth in wine sales every year is from new innovation. So we need to continue to feed that innovation pipeline.
May 15th, 2017Committee meeting
Carl Sparkes
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee One of the challenges we have, and why you would see so many numbers is that regionally the provincial liquor boards all have varying degrees of markup structures. The 63¢ per litre on a bottle of wine is consistent, of course, as it's the federal excise across the country, but w
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee That's correct.
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee Had Pete Luckett been aware—and he is today—when he started this initiative that this threat was looming, he would be having second thoughts about that investment, as he probably is today. You're quite right about the Annapolis Valley becoming a focal point for tourism. It's actu
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee An average winery in our region would be around 7,000 or 8,000 cases. You apply the math. It's 63¢ a litre; a case is nine litres. So, someone do the math.
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee Yes, it's about $40,000, which is meaningful for a—
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee For 5,000 cases, that would be 10 or a dozen people.
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee For sure.
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee The impact on wineries of my size and larger—certainly in the top 10 wineries in the country—would be profound. Much of it, as I mentioned earlier, relates to our overall financial structure, including our lenders. It would have a serious negative impact on our bottom line. Mine
May 15th, 2017Committee meeting
Carl Sparkes
Finance committee No, it's for publicly traded companies. Obviously it is public. I come from 25 years of running food companies in Canada and the United States. Coming in as an investor into the wine industry, the actual financial ratios were not that different. The margins at a gross profit leve
May 15th, 2017Committee meeting
Carl Sparkes