Report: Legal Cannabis Market in Canada Will be Worth $23 Billion Annually, Surpass Liquor Industry
Once recreational cannabis is legalized in Canada – a promise of current Prime Minister Justin Trudeau – the industry will be worth roughly $23 billion annually, surpassing the total market for beer, wine and spirits. This is according to a forthcoming report by Deloitte titled Recreational Marijuana: Insights and Opportunities.
“There hasn’t been anything like this — and granted it wasn’t legislated — but you think of the dot-com … flurry,” Mark Whitmore, vice-chair of Deloitte, said in an interview Wednesday with The Star. “It has that kind of feel to it. There’s a lot of froth, a lot of interest in this space and a lot of people think there’s going to be an opportunity”.
Deloitte estimates that to satisfy the legal cannabis market there will need to be an annual production of 600,000 kilograms (roughly 1.3 million pounds).
According to a Nanos poll releasing in July, 69% of Canadians 18 and older support legalizing cannabis, with just 26% opposed.