Article by Jeremy Berke, Business Insider
Canada’s legal marijuana market is seeing green in more ways than one.
A new report from CIBC, one of Canada’s largest banks, estimates marijuana will be a $6.5 billion industry by 2020 in the country.
That’s more than the $5.1 billion Canadians spent on liquor in 2017, and it’s approaching wine sales. CIBC predicts Canadians will buy over 800,000 kilograms (over 1.7 million pounds) of marijuana by 2020.
The market will be led by adult-use (recreational) consumers, who CIBC predicts will account for 95% of sales, with the other 5% going to medical patients.
The private sector will be able to generate over $1 billion in earnings on marijuana sales, with the bulk of that flowing into the production side — companies that cultivate and produce marijuana.