Photo by Jason Hafso on Unsplash
Since legalizing recreational cannabis sales five years ago, Canada’s cannabis industry, both medical and adult use, has been booming at a significant rate. Sales at cannabis stores (dispensaries) in the first three months after legalization totaled CA$151.5 million and reached CA$1.2 billion in 2019.
Statistics Canada, the national statistics office, recently released reports for last year, and sales exceeded CA$4.5 billion (US$3.35 billion). The report revealed Canada made up to CA$425.9 million in December alone, much above what the cannabis data analytics firm, Hifyre IQ, forecasted.
With up to 3,700 cannabis stores and retail licenses, industry analysts expect the recreational industry’s value to reach CA$8.7 billion by the end of this decade. BDS Analytics predicts the sector to reach CA$6.5 billion by 2025. If the market meets predictions, Canada’s legal cannabis market will be comparable in size to its hard liquor or wine market, according to Cannabis Business Plan.
