The price of obtaining a cannabis business license is going down in Saskatoon.

City Council unanimously passed the changes Monday night which means licencing fees for both cannabis production and retail stores will drop from $20,000 to $4,500

Councillor Sarina Gersher acknowledged the city’s ability to re-adjust with a new and emerging industry in the city.

Gersher says praised the recommendation to have an annual review to ensure that business licences are meeting the needs of industry and residents.

With provincial limits on the number of stores allowed to operate in Saskatoon being lifted, city council decided now was the time to lower fees.

The last change occurred last year, in August, when council established a renewal fee of $85 for cannabis related businesses.