New data puts size of Canada’s marijuana industry on par with wine

Medible review new data puts size of canadas marijuana industry on par with wine

Canadians spent almost the same amount of money on black-market cannabis in 2015 as they did on wine, according to a new estimate by Statistics Canada, indicating the legalized marijuana sector could give the country’s alcohol industry a run for its money come legalization in mid-2018.

Medible review new data puts size of canadas marijuana industry on par with wineThe country’s underground cannabis market in 2015 was worth as much as 6.2 billion Canadian dollars ($4.8 billion), or roughly 90% of the size of the CA$7 billion wine market and two-thirds of the country’s CA$9.2 billion beer market, the country’s statistics agency reported.

Economists have warned alcohol makers that the legalization of marijuana could sap at least CA$160 million out of their industry, and cannabis producers are bracing for competition.

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Conclusions from the Statistics Canada report:

  • Canadians consumed a record-high 697.48 kilograms (1,539 pounds) of cannabis in 2015, an impressive 47% increase in only five years. (Cannabis consumption currently exceeds 900 kilograms per year, according to Marijuana Business Daily.)
  • A record 16.29% of Canadians consumed cannabis in 2015, an increase from just 11.86% in 2010.
  • The most prevalent users of cannabis were in the 18-24 age bracket (38%), followed by 15-17-year-olds (23%).
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https://mjbizdaily.com/new-data-puts-size-canadas-marijuana-industry-par-wine/

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