Canadians are expected to increase their consumption of cannabis by up to 35 percent and spend as much as $7 billion on cannabis by 2019, according to predictions by accounting firm Deloitte.
The firm’s report takes an in-depth look at the future Canadian cannabis market, surveying 1,500 different adults living in the country between March 6 and March 20. These are just some of the report’s other conclusions:
- Canadians who already consume cannabis are expected to buy about two-thirds of their products from legal retailers.
- Consumers in the upcoming market will be most likely younger (aged 18-34) and “more likely to put their health or safety at risk.”
- Consumers will make purchases more often and will be willing to spend more when doing so.
- Shoppers in the cannabis industry will prefer visiting brick-and-mortar store locations over placing orders online.
- Alcohol revenues are expected to take a hit after cannabis legalization, even with many provincial liquor boards playing big roles in the legal market’s rollout.
Canada‘s leaders have talked for more than a year about how to implement this marketplace, but the Senate is expected to finally vote on the Cannabis Act on Thursday, June 7. Assuming all goes well, it could then be several more months before stores actually open.
“It could be the last week of August — it could be the beginning or mid-September. From where I sit, and I’m the sponsor of the bill, if it takes until the first week of October to get it all right, then we should take until the first week of October.” — Ontario independent Senator Tony Dean, sponsor of Bill C-45, to the Toronto Sun
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