We’ve all heard the estimates, but ever wondered exactly how much Canada’s cannabis market is worth?
Statistics Canada announced today that ahead of legalization, it will begin keeping track of the impacts of pot, including its contribution to Canada’s GDP.
It will measure the economic and social implications of production and sales in both the current illegal market, as well as the future legal market, so that it can paint a picture of the role of cannabis both pre- and post-legalization. This will also mark the first time that the statistics agency will measure the impacts of medical cannabis, which has been legal in Canada since 2001.
Social impacts will be measured by the way cannabis affects health, crime, and social behaviours, while economic impacts will look to production, distribution, sales, consumption, prices, employment, wages, corporate profits, international trade, and other factors.
Statistics Canada will gather part of the data through household health surveys, which will be updated to include questions about cannabis use.
Experts have estimated that Canada’s black market is worth anywhere from $7 billion to $10 billion a year.
The data won’t be released until November 2019. Read more about the way statistics on cannabis will be gathered here.