The looming legalization of marijuana has sparked a buzz at Queen’s Park.

Prime minister-designate Justin Trudeau won last Monday’s federal election promising to “legalize, regulate and restrict access to marijuana,” likely opening the door to a new source of revenue for the provincial treasury.

The cash-strapped Ontario government, which collects more than $4 billion in booze and tobacco taxes annually, is closely watching Trudeau’s moves on the cannabis front.

“It’s going to be a national conversation and I’m not going to speculate about what this will mean,” Finance Minister Charles Sousa said Monday.

“The federal government hasn’t even been formed. Once that is established, once they start to proceed, we will be at the table, we’ll listen,” said Sousa.

“We do know it’s complicated and we know that it’s going to involve a lot of different ministries, activity, jurisdictions, and looking at what happens in other parts of the world,” he said.

“So let them formulate, let’s determine what this really means, what’s the social impact as well and we’ll go from there. I see this as something bigger than a provincial issue and we’ll work closely with the federal government to determine how . . . they’re going to proceed.”

The incoming federal Liberal administration has pledged to “remove marijuana consumption and incidental possession from the Criminal Code” and to punish those who sell it to children and teens, or drive under its influence.

Transportation Minister Steven Del Duca noted Ontario recently passed legislation to beef up penalties for driving while high on drugs.

“They will continue to be tough and we’ll consistently look for ways to make sure that we have the toughest laws in place,” said Del Duca.

“We’re also looking at technology, because we want to make sure that we’re able to provide certainty to those who may be driving under the influence of drugs. That work is ongoing,” he said.

Progressive Conservative Leader Patrick Brown said any sale of marijuana must be strongly regulated.

“We certainly wouldn’t want to see a free-for-all but . . . there’s going to be an opportunity for experts on all sides, and the government has a duty to listen and make sure that they find the best possible regulation for Canada,” said Brown, who argued in favour of amending pot laws while he was a federal MP.

“I would favour decriminalization over legalization. I had the same concern that the chiefs of police have: that it’s not an appropriate use of police resources,” he said.

NDP Leader Andrea Horwath emphasized “it’s still very, very early” in the process of legalization to determine how marijuana will be controlled or taxed.

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“We’ll have to wait and see. It’s going to be a big nut to crack,” said Horwath.

The Ontario government collected $1.163 billion in tobacco taxes last year and $3 billion in beverage alcohol levies, including $1.8 billion from the Liquor Control Board of Ontario, $565 million from beer and wine taxes, and more than $600 million in the provincial share of harmonized sales tax on booze sales.

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