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Thats a over pressure valve in case the canister gets clogged and the fumes cant vent to it. Ocne the fumes build up to a certain pressure that will let the tank vent, I beleive it can act as a rollover valve as well. You still need to vent the tank, so you could get a vent gas cap or just leave the canister. I would just leave it in. It does not hurt performance.
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