Canada’s legal cannabis industry has contributed $3.96 billion (€2.57 billion) to Canada’s GDP over the past 12 months, according to the latest official figures.
This represents an increase of 215% since the legalization of cannabis in October 2018. The illicit market is estimated to be worth C$4.13 billion, a decline of approximately 21% since October 2018. The total cannabis market would thus generate approximately CAN$8.16 billion for the country’s economy.
According to official data, 16.7% of Canadians have used cannabis in the past three months. In total, this represents approximately five million people, a figure that remains unchanged from pre-legalization statistics.
In February, Canada reported that cannabis tax revenues totaled $18 million CAN in Canada’s first full legalization fiscal year, less than the $35 million estimated by the government. The shortfall has prompted officials to reduce their cannabis revenue projections this year from $100 million to $66 million. Officials are still betting on cannabis tax revenues to reach $135 million next year and $220 million by 2023.
The cannabis industry in Canada has also seen the number of jobs almost quadruple from 2018 to 2019, from 2,630 jobs to 9,200 jobs, according to Statistics Canada figures. In 2017, the industry employed approximately 1,438 people.
Statistics Canada figures from August 2019 revealed that 42.7% of Canadian cannabis users were still obtaining some cannabis products illegally.
Cannabis companies reported to Statistics Canada that while their revenues increased by 92% in the fiscal year 2018 and by 52% in April 2019, all companies reported overall losses.