November 8, 2019 12:15 pm
The first anniversary of the legalisation of cannabis in Canada has seen industry professionals declare the move a success.
A new report on the initial 12 months of regulated sale to adults has established the sector and prepared it for rapid growth, according to a study by New Frontier Data.
The analysis, titled The Canada Cannabis Report: 2019 Industry Outlook, suggests that the market will increase by a remarkable 22.5 per cent to reach $5.2 billion Canadian dollars (£3.05 billion) by 2024. By then, it will support 75,000 direct and indirect jobs within the country.
The total active area of cultivation in Canada has grown by 300 per cent since cannabis was legalised to reach 1.6 million square metres (17.2 million square feet) by July this year.
“After one year of legalised adult use, Canada’s cannabis market has established its roots and is primed for rapid growth after a delayed launch, poor supply and limited retail access suffocated early sales,” said Giadha Aguirre de Carcer, Founder and CEO of New Frontier Data.
“For Canada, now is the dawn of Cannabis 2.0, where expanded retail offerings will draw more illicit market buyers into the legal fold, creating jobs and increased tax revenues.”