Statistics Canada recently released data that shows Canadians consumed between $5 billion and $6.2 billion of cannabis in 2015. The study showed Canadians ingested almost 698 metric tons of marijuana through almost 5 million people. Those numbers are two years old and have undoubtedly increased.
These staggering figures make the cannabis industry at a level almost equal to the $7 billion wine sector, or two-thirds of Canada’s $9.2 billion beer industry.
As well, the study shows two-thirds of marijuana users in 2015 were over the age of 25, which bodes well for the minimum ages chosen by the various provinces.
The Statistics Canada study is the first one of its kind which looked at amounts of cannabis consumption between 1960 to 2015. These statistics are on par with a study done by Deloitte in 2016, which estimated the legal marijuana market could be as high as $8.7 billion a year.
Another study from the Brightfield Group estimated that the global cannabis market could reach more than $31 billion by 2021.
The legal market is expected to arrive in Canada by July 2018 and many licensed producers are preparing for the incredible demand expected at that time.
One producer in particular, INDIVA Limited, has recently completed a successful $23 million worth of financing and is now in the process of making various partnerships in Ontario and elsewhere. INDIVA is a cultivator that prides itself in making top quality cannabis for the medical and recreational sector.
Those looking to invest in the burgeoning new cannabis industry need not wait until recreational cannabis is available, as the medical cannabis numbers are on the rise as well. Health Canada’s most recent data as of June 2017 stated that over 200,000 Canadians registered with licensed producers, which is up 168 percent from 75,000 in 2016.
As legalization day approaches, the over $8 billion figure from Deloitte looks more like a reality. Investors and others looking to get involved should consider acting sooner than later if they want to be a part of the hot new sector.