21:16 GMT07 April 2020
Listen Live
    Get short URL

    A new study on recreational marijuana use in Canada has revealed that legalizing recreational the use of the plant would create a $26.6-billion industry -- and would surpass the sales of beer, wine, and spirits combined.

    The study, titled Recreational Marijuana: Insights and Opportunities, conducted by Deloitte, found that recreational marijuana would provide a major boom to the economy.

    “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, told 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.”

    To satisfy a booming market, researchers estimate that there will be a demand for some 600,000 kilograms of marijuana annually, far more than is currently produced for medicinal purposes.

    “Of course, there will be a practical consideration to take into account when setting marijuana prices that goes beyond what the market will pay,” the study says. “The challenge will be to set a price point that balances the goal of creating and sustaining a legitimate market (while eliminating ancillary criminal enterprise) with that of not promoting excess consumption.”

    Researchers estimate that the base retail market would be worth $4.9 billion to $8.7 billion annually, while the ancillary market of growers, labs, and production would be worth between $12.7 billion-$22.6 billion, and the tourism, business taxes, licence fees and paraphernalia would be worth over $22.6 billion.

    “As we look at this recreational space, it could be a significant opportunity for both Canadian businesses and governments in terms of what they have to do,” Whitmore stated.

    A blueprint for recreational legislation is expected to be introduced next spring, and the study states that it “presents a bold new landscape for Canadian businesses and governments alike.”

    “What this new landscape might look like remains unclear,” the report said.


    Record High: 60% of Americans Support Legalizing Marijuana
    Up in Smoke? Denmark May Ease Marijuana Laws
    A Rabbit's Habit: Addicted Pet Visits Neighbor’s House to Munch Marijuana
    The Father, Son, and Holy Smoke! Marijuana Church Opens in Michigan
    German Gov't Moves to Legalize Medical Marijuana for Seriously Ill Patients
    Economy, Study, Legalization, Marijuana, Weed, Recreational Marijuana, Deloitte, Canada
    Community standardsDiscussion
    Comment via SputnikComment via Facebook