Examining The Wins of Canada's Legalized Weed Industry
On October 17th of 2018, Canada began to regulate the cannabis industry ushering in a new era for businesses to succeed. In this blog post, we’re going to examine the numbers behind the newly found cannabis industry. Considering the fact that the Cannabis industry in Canada is still in its early infancy stage, and also given that consumer demand is only on the rise, the industry still has room for mega-explosive growth. With all of the regulations and supply chain problems that plagued the industry, it’s truly a marvel to sit back and look at the numbers generated despite the myriad of issues.
According to theconversation.com, a highly regarded British think tank focused on reforming drug laws thinks Canada’s legalization and regulation of cannabis has gone well, which can be found here if you’d like to take a look at it. All of the numbers describing the money so far behind the industry will be from Transform, the British think tank.
The following graph is from Transform, which you can find in the link above. As you can see, the age limit for the Province is listed as well as how the in-person sales/online sales are regulated, and the possession limit.
According to Transform, in the first 6 months after cannabis was legalized, the federal government collected $55 million in both excise and goods taxes, while provincial governments collected $132 million. Online sales in September 2019 were less than half of the $17,166,000 spent across Canada in October 2018.
As of right now, brick & motor stores are the preferred way of purchasing cannabis, however this can rapidly change if there was a legit online marketplace designed for wholesalers, dispensaries, and the average Canadian citizen.
The YouGotBud application is still currently under development. If you’d like to receive a notification on when the application goes live, consider clicking here and enter your email. We will only email you once the application goes live.