Cannabis contributed $43.5 billion to Canada’s economy since legalization

Deloitte Canada and the Ontario Cannabis Store paper highlights success in three years.

Some $11 billion worth of recreational and medical cannabis products were sold between 2018 and 2021. Aleksandr_Kravtsov/Getty Images

0

The cannabis industry has been a big source of growth for Canada’s economy.

A report by consulting firm Deloitte Canada and the Ontario Cannabis Store estimates that the sector contributed $43.5 billion since recreational cannabis became legal in 2018.

The OCS is a Crown corporation responsible for the online and wholesale distribution of cannabis in the province of Ontario.

The report also noted that the industry as a whole, which covers recreational as well as medical weed, supported 151,000 jobs across the country.

“From an economic perspective, it seems clear the cannabis industry has been a great success, with more to come as it continues to grow,” stated the report prepared by Deloitte.

The paper recalled that the federal government legalized cannabis in October 2018.

“Three years later, in 2021, the industry is in robust health and consumption is broadly accepted across the country,” the report noted.

As well, Deliotte estimated that the cannabis industry contributed $15.1 billion in federal government tax revenues between 2018 and 2021.

In Ontario, the tax revenue from cannabis was $3 billion for the said three-year period.

Out of the estimated $43.5 billion contribution to Canada’s economy, the industry is estimated to have added $13.3 billion to Ontario’s economy.

“In Ontario alone, over 48,000 jobs have been created since legalization,” the Deloitte report stated.

The report also estimated that the cannabis industry as a whole generated $11 billion in sales nationwide between 2018 and 2021.

About two-thirds or 67.8 percent of the sales was for recreational cannabis.

“In Ontario, sales of recreational and medical cannabis over the same period are estimated to total $3.8 billion, with recreational cannabis responsible for more than half (57.5%) of sales within the province,” the report noted.

Follow Carlito Pablo on Twitter at @carlitopablo

Leave your opinion for the editor...We read everything!

Your email address will not be published.