The promise of legalizing marijuana is often credited for Prime Minister Justin Trudeau’s election win in 2015. Speaking on condition of anonymity to the Associated Press, an official confirmed that legislation is finally on the way.
Trudeau’s plan to legalize marijuana has led to stocks in the plant skyrocketing, especially after a study conducted by Deloitte estimated that recreational marijuana will become a $26.6-billion industry, surpassing sales of beer, wine, and spirits combined.
A study titled Recreational Marijuana: Insights and Opportunities conducted by Deloitte jointly with RIWI Corp last year estimated that there will be a demand for some 600,000 kilograms of marijuana annually, far more than is currently produced for medicinal purposes. The base retail market would be worth $4.9 billion to $8.7 billion annually, according to the study, 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.
"This will be done in a careful way to keep it out of the hands of children and youth, and to stop criminals from profiting," Justice Minister Jody Wilson-Raybould said in a statement. "In order to meet our commitment to legalize, the legislation will need to pass through the parliamentary process in a timely fashion."
Licensing producers to make sure the supply remains safe will be handled by the federal government, while distribution and costs will be in the hands of the provincial governments.