Canada’s Legal Cannabis Industry TRIPLING in Size in Year 1 of Legalization
Canada’s Legal Cannabis Industry TRIPLING in Size in Year 1 of Legalization
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On Tuesday, Statistics Canada released economic numbers for July. It was another month of double-digit sales growth for the legal cannabis industry. Canada’s cannabis industry added $8.26 billion to its Gross Domestic Product as of July, 2019.
Cumulatively, in the first 10 months since full legalization, Canada’s legal cannabis industry has grown by a very robust 185%. This projects to annual growth of 222%, or more than a tripling in size of the legal industry.
This is impressive from several angles.
First, the medicinal cannabis market has been evolving for several years. Yet full legalization has brought an additional tripling in revenues, in just the first year.
