National Post (National Edition)
Deloitte estimates economic impact could be $22B a year
“In the 1960s and 1970s, the cannabis market was predominantly youth-driven. However, by 2015, just under six per cent of estimated cannabis consumers are estimated to be in the 15- to 17-year-old age group, while two-thirds of cannabis consumers are over the age of 25.”
The estimates were similar to those in a Deloitte report that estimated the base retail market value of the marijuana market at $4.9 billion to $8.7 billion a year.
The Deloitte report also estimated that the total potential economic impact could be about $22.6 billion after secondary factors were included.
Statistics Canada is preparing for the legalization of the recreational use of marijuana next year and what that means for its economic and social statistics programs.
It said the number of cannabis consumers and the volume of consumption are subject to greater uncertainty because there are unquantified degrees of uncertainty in the data.
“This does not make them invalid, but rather indicates that unresolved measurement challenges remain,” the report said.
StatCan said it hopes to improve its estimates in the future as additional data sources become available.
Prime Minister Justin Trudeau has committed to full legalization of recreational use by July next year, a move that’s created a surge in the share prices of producers. Governments have said even as they aim to keep taxes on legal weed low to squeeze out criminal dealers, the new market may generate $400 million a year in revenue.