Analysts predict Canada marijuana could have $4.5 billion industry by 2021
Canada’s marijuana task force announced Wednesday that it has fulfilled its mission and soon will deliver a final report to the government outlining recommendations for the country’s legal cannabis framework.
The report is being translated and will be provided to federal ministers and the public by mid-December, once it is in both official languages of English and French, according to a statement released Wednesday by Anne McLellan, chair of the Task Force on Marijuana Legalization and Regulation.
“It has been an honour for us, along with the other members of the Task Force, to have had the opportunity to engage with Canadians across the country who generously shared their expertise and perspectives on how the government should approach the legalization and regulation of cannabis,” she said in the statement. “We are pleased to announce that the Task Force has completed our work.”
As Canada marijuana marches closer to legalization, the country could have a $4.5 billion industry on its hands by 2021, financial analysts project.
Canaccord Genuity analysts Matt Bottomley and Neil Maruoka published a note this week estimating that by 2021, Canada will have 3.8 million legal recreational marijuana users and a demand for 575,000 kilograms, or roughly 1.27 million pounds, of recreational and medical marijuana, according to a Bloomberg report.
If Canada marijuana legalizes in 2017 and sales begin in 2018, the initial demand is estimated to be about 400,000 kilograms, or 882,000 pounds, the analysts said.