A study by Deloitte says legal marijuana in Canada likely will become a $22.6 billion industry, surpassing all alcoholic beverages combined, according to an Oct. 27, 2016, article in the Toronto Star.
The soon-to-be-released, 11-page report, titled “Recreational Marijuana: Insights and Opportunities,” says fulfilling the anticipated demand for recreational pot will require 600,000 kilograms annually, a big jump from the amount currently grown for medicine.
All that is assuming Canadians vote to legalize recreational marijuana in 2017.
“There hasn’t been anything like this—and granted it wasn’t legislated—but you think of the dot-com…flurry,” Mark Whitmore, vice-chair of Deloitte, told the Toronto Star. “It has that kind of feel to it. There’s a lot of froth, a lot of interest in this space and a lot of people think there’s going to be an opportunity.”
Getting to that $22.6 billion, however, will require some fine-tuning in the marketplace, according to the report.
“The challenge will be to set a price point that balances the goal of creating and sustaining a legitimate market (while eliminating ancillary criminal enterprise) with that of not promoting excess consumption,” the report said.