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According to new reports, Canadians spent $ 1.8 billion more than twice the amount spent on medical cannabis alone in 2018 to spend legal weeds.
The legal marijuana market, released on Tuesday by Arcview Market Research and BDS Analytics, revealed that despite continued legalization from summer to October, Canada still managed to increase spending on legal weeds from $ 755 million to $ 1.6 billion, making it a number three in the legitimate weed market in the world. According to Canadian statistics, Canadians made $ 5.7 billion in weeds in 2017, most of which came from the black market.
The new report predicts that Canada's legitimate weed market will reach $ 7.8 billion in 2022, and California is expected to take over as the world's highest legal weed regime. Cannabis rest is expected to outperform medical cannabis sales, but the report says that medical weeds will still generate revenue of $ 1.4 billion by 2022. The number of adults who used cannabis in the last six months also increased from 21% to 25%. In Canada in 2018, the report says.
By 2022, the global legal weed market is expected to reach $ 41.9 billion, of which two thirds will come from recreational sales. By comparison, the report notes that only the black market in North America is currently about doubled.
Tom Adams, CEO of BDS Analytics, said VICE will be one of the key issues that Canada needs to look at in 2019 to continue implementing retail schemes.
"Opening stores in Ontario is a critical thing," he said.
On April 1, Ontario is open to the opening of 25 private retail outlets decided to use the lottery. The government said it was implementing a 25-storey constraint when implementing national weed shortages, but would ultimately eliminate it in a year.
Adams also said Canada's severe restrictions on cannabis trade and packaging, which more or less prohibit young people who might be considered attractive, will hamper sales. He said that testing requirements for cannabis products are "out of the chart compared to what consumers consume".
“It will be necessary to get rid of them. The sooner Canada can do, the sooner the illegal market will disappear. ”
California, who legalized cannabis last year, is on its way to see spending cuts from $ 3.9 billion in 2017 to $ 3.3 billion in 2018, making it the first legitimate market to see a reduction in spending after the transition from medicine to rec. This is partly because the country has decided to buy weeds at the age of 21, and because it allowed the jurisdictions to give up selling, which was done by many outside major cities.
Adams said VICE Canadian licensed manufacturers now have the opportunity to become “global cannabis power plants”. The report found that five publicly traded Canadian LPs were valued at US $ 265 billion at the end of 2018.
Follow Manisha Krishnan Twitter.
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