The marijuana industry is expected to be a big-money business, and all eyes are on Canada. That’s because Canada became the first industrialized country in the world — and only the second country overall (behind Uruguay) — to legalize recreational marijuana this past October.
In the grand scheme of things, Canada isn’t expected to be a big-time cannabis player, with most estimates calling for anywhere from $5 billion to up to $10 billion in annual sales in five to 10 years. That compares to expectations for as much as $100 billion in cannabis and cannabinoid-based sales in the United States in 10 years. Nevertheless, Canada is the world’s cannabis guinea pig of sorts and is almost certainly setting the foundation for future legalizations around the world.
Adding up legal weed sales in Canada since legalization day
Of course, dealing with a relatively nascent industry comes with its bumps in the road. Although marijuana sales in licensed cannabis stores have been on the rise for three consecutive months, through May 2019, according to newly released data from Statistics Canada, pot revenue is still lagging Wall Street’s initial forecasts. Here’s a rundown of total licensed marijuana sales in Canada since recreational sales began on Oct. 17, 2018 (Statistics Canada reports in Canadian dollars, with U.S. dollar equivalency in parenthesis):
- October 2018: CA$53.68 million ($41.06 million)