There are only ten days until the kickoff of what could be a $10 billion market for cannabis in Canada!
That is of course if you go by the reports released by the Canadian Imperial Bank of Commerce on economic insights. This report believes the recreational industry in Canada will be at least a 10 billion dollar one.
They came to this conclusion by analyzing the statistics surrounding the legal Colorado adult retail cannabis market.
MYM Nutraceuticals announced in June that they would produce roughly $750 million worth of cannabis annually.
However, if you go by the results of a survey conducted by Abacus Data, 84% of Canadians 18 and over don't smoke cannabis.
Of the 16% of Canadian adults that don't consume who were surveyed supposedly only 5% were daily consumers.
Now hold on a second. I don't even live in Canada, but I work with people there frequently. Has anyone else seen a 420 Fest in Canada? Are these individuals aware of the enormous subculture surrounding cannabis in Canada?
Apparently, these statistics are meant to drive individuals having no knowledge of the cannabis community and culture into investing or not investing.
Keep in mind that just because the individuals surveyed don't smoke cannabis, this doesn't mean they don't consume cannabis.
Cannabis infused edibles are an extremely popular commodity in Canada. Just look at the potential of the cannabis sector with Molson Coors Canada eyeballing the cannabis-infused beverage space.
When they say that the retail cannabis market in Canada could reach the 10 billion dollar mark, they could actually be underestimating it.
When you factor in the medical and recreational side of cannabis, the potentials are endless. As laws are adapted to fit the will of the people globally, global cannabis trade will become more popular.
Canada produces some of the best pot on the planet and stands to dominate this trade.
Talk about a multi-billion dollar market, according to reports by Grand View Research Inc the legal cannabis market globally is expected to be worth an estimated $146.4 billion approaching the end of 2025.
This is just cannabis. What about the countless ancillary services that cultivate success thanks to this miraculous plant?
Bed and breakfasts, labeling companies, IT firms, engineers, architects, security firms, marketing companies, the list goes on.
The effects of cannabis are way more than the stigmatized couchlock. The results of cannabis could be the future generational success for those who apply themselves.
With only 10 days till the legalization of recreational cannabis in Canada takes effect, one thing is certain. It won't be long until we see just how lucrative this industry will be!Posted: Sunday, October 7th, 10:00am 17 days ago
Ashley is a freelance cannabis writer and the co-owner of CannaLance. Her passion for sharing education and truth surrounding cannabis stems from a personal loss. Ashley has always had an elevated relationship with cannabis but it wasn't until 2015 that she turned that passion and relationship into a career as a cannabis writer.