Canadian cannabis sales forecast to soar in next few years

Global sales of cannabis grew by 20% in 2018 and are expected to grow by 36% this year: report

An international report says spending on adult-use cannabis in Canada is forecast to grow from $113 million in the partial year of 2018 to almost $4.8 billion by 2024.

cannabis salesCannabis became legalized nationwide on Oct. 17, 2018.

The seventh edition in the series State of Legal Cannabis Markets reports was released Thursday by Arcview Market Research and BDS Analytics.

According to the report, 2018 showed a growth rate of 20 per cent in the global sales of cannabis in regulated markets, with sales on track to surge 36 per cent to $14.9 billion in 2019 and break $40 billion by 2024.

Earlier this week, the Statistics Canada reported that in the first five and a half months following the legalization of cannabis, Canadian governments earned $186 million from excise taxes and general taxes on goods and services directly related to the sale of cannabis.

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