The media is abuzz with a constant cycle of predictions and news about the budding cannabis industry in Canada, as legalization gets a step closer each week. We can look to states in the US in regards to the success of cannabis post-legalization, but since we are doing it nationwide, the numbers will be far bigger.
So just how big are we talking? Well, Deloitte is forecasting it will reach $22.6 billion. The breakdown looks like this:
- On the retail side, it could be worth between $4.9 billion and $8.7 billion annually.
- The market for products and services (growers, testing labs, lighting, security systems), causes that number to increase to $12.7 billion to $22.6 billion.
- Plus, once you factor in taxes, licensing fees and cannabis tourism, that $22.6 billion seems reasonable, even low.
Essentially, an industry is being created out of thin air when it comes to the recreational market. For now, the only legal way to purchase and possess weed, is via medicinal channels and for medicinal uses. A reminder that dispensaries are illegal in Canada. For information on how to obtain marijuana for medical purposes, please call us in Calgary: 403-475-4205.