Happy 2018 O’Cannabis… O’what a ride it’s gonna be!
When crunching numbers, the Cannabis industry seems to be ready for liftoff. Even though Mr. prime minister Trudeau said that legalization date “would not be July 1”, we’re almost certain that it wouldn’t be for any later that summer 2018. For anyone who has been following marijuana industry news, industry-related projections are bright and bullish. There are forecasts around the total market cap. There are estimates for the number of jobs that will be created. There are projections for taxes revenues collected and how it could benefit society. There are even guesses for how much marijuana sales will … hurt shoe sales.
Yepp, you heard it right.
It should come as no surprise that we love getting our eyeballs on new projections whenever they come out.
Just right on time for the New Year, Deloitte released a report for all things marijuana in the Canadian market. In this report it is estimated that “ with tourism revenue, business taxes, licence fees and paraphernalia the market will be even greater than $22.6 billion.” Not to mention that considering the most recent anti-cannabis stance by Jeff Sessions and Trum Administration Canada is about to reap the benefits even more than what was initially expected.
Here are a few more numbers you might find interesting:
- 22% of the Canadian population are existing marijuana consumers.
- 17% of the population says it might try marijuana if it were legalized.
- 42% of the market prefers joints for consumption.
Arcview Market Research and BDS Analytics also released a new study that that show cases similar positive numbers for our neighbours across the border.
The report, “US Legal Cannabis: Driving $40 Billion Economic Output,” was released the day after recreational marijuana went legal in California, and that state especially figures to be a key driver of the bullish estimates.
Bombastic right ?! Surely most reports tend to be conservative with their projections. But even so, they should make excitement levels high & the hearts of almost everyone involved in the marijuana industry swell.
We’ll certainly keep you posted on how these pan out.