Canadian Marijuana Market Set To Hit $1 Billion In 3 Months

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Canadian Marijuana Market Set To Hit $1 Billion In 3 Months A steep decline in the illegal market is also expected. By: Mary Schumacher

A new figure is out regarding Canadians and cannabis, and it’s a doozy! Statistic Canada estimates that Canadians could spend up to $1 billion by the end of the year once marijuana is legalized October 17. The agency is also predicting a steep decline in purchases via the illegal market.

Even more amazingly, that $1 billion valuation only includes recreational sales. Add the quarter billion or more in medical sales and you have beyond a burgeoning market.

Depending on the province or territory, persons must be 18 or 19 years old to legally purchase cannabis. The estimations made are done so utilizing statistics and census population data from the National Cannabis Survey. Said survey provides stats on how many illegal users will likely switch to the legalized market, how many non-users will try cannabis now that it’s legal and so on.

With all the data at hand, it’s estimated that around 5.4 million people will purchase cannabis in this fourth quarter and that they will add up to the billion dollar mark, if not surpass it. According to the breakdown, the illicit market would fall to 24 percent of the total cannabis sales in Canada — a steep decline from previous years.

Read the full article here.

 

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