Canadians may have consumed 698 metric tons of cannabis. With marijuana use up, and the number of estimated users at 4.9 million people ahead of Canadian legalization.
The Canadian federal statistics agency is ramping up their program to officially track marijuana use when legalized. According to a new study by StatsCan, Canadians spent almost as much on marijuana as they spent on wine in 2015. This research comes just six months before Canada launches their legal marijuana plan.
StatsCan calculated the values by estimating 4.9 million people consumed 698 metric tonnes during 2015. At an average price of $7.14 to $8.84 a gram, they arrived at the figure of $6.2B. The study used social surveys, outside research, and government health records to create the model.
The report was entitled, “Experimental Estimates of Cannabis Consumption in Canada, 1960 to 2015.” It clearly states that there is no current systematic process to measure usage. The agency also warns its market estimate is rough, and actual consumption could be much lower. Regardless, yearly consumption appears to be approaching the size of the 9.2 billion beer market and 7 billion dollar wine market.
With the Canadian government committing to full legalization by July, share prices of licensed producers and industry affiliates have soared. An early report from Forbes famously suggested that the entire marijuana market will be worth $23B dollars after Canadian Legalization. And with more research to come, optimism from cannabis enthusiasts will finally be supported with real data.
Eric Paul, CEO of Canntrust Holdings Inc. explains that it may take three years for the legal market to reach its full potential. Despite these facts, he is expanding his greenhouse to be prepared for the market shift. He says,
“The near-term challenge will be sufficient supply to meet the government demand.”