A new report estimates that in five years, Ontario, Alberta, British Columbia and Quebec will make up nearly 85 per cent of Canada’s legal cannabis market.
The report — called Canada Leads the Way on Global Cannabis Legalization — was released Tuesday by private U.S. research company Arcview Market Research and BDS Analytics. It’s the first-ever province-by-province forecast of growth in the Canadian cannabis market.
Research found that across Canada, consumer cannabis spending is forecast to grow 44.4 per cent between 2018 and 2024, rising from $569 million to $5.2 billion.
Of that $5.2 billion, nearly $4 billion is expected to come from those four provinces alone.
The report found that Ontario, the country’s most populous province, will account for about 39 per cent of that spending growth. The researchers also found people in Ontario are more often accepting of cannabis use and report consuming cannabis at a higher rate than the national average.
“Ontario’s existing retail market, mainly in Toronto, is dominated by unlicensed brick-and-mortar stores that, while illegal under Canadian law, have been allowed to operate largely unfettered by local authorities,” the report reads.