Article by Mike Okada, Cannabis Life Network
The accounting firm Deloitte just released its 2018 report on the Canadian cannabis industry, and there are some very interesting bits of info in there for everyone, whether you’re a dedicated cannabis consumer, potential investor, or just curious about how the landmark Cannabis Act will impact Canadian society.
From its estimate that cannabis will be a $7+ billion industry, to who will be using cannabis, how much consumers are willing to pay, and the impact cannabis could have on the liquor industry, let’s have a look at what Deloitte learned from surveying recreational cannabis users across the country.
Cannabis will be $7 billion industry in 2019
Up to $7.17 billion, in fact, but that number combines all the different cannabis markets- recreational, medical, and illegal- and legal sales are estimated to be around $4.34 billion.
Cannabis users are also anticipating higher prices for legal cannabis, although they have indicated they’re only willing to spend up to 10% more, which aligns with the government’s proposed 10% excise tax (or $1 per gram, whichever is more).
Current cannabis consumers indicate that they will buy up to 2/3 of their cannabis from legal sources, and edibles may make up for that missing 1/3 since they will not be legal until 2019 at the earliest.
Deloitte expects 60% of likely cannabis consumers to try edibles at some point.