Legal pot sales could reach $1 billion in Q4: StatCan

Statistics Canada forecasts Canadians could spend more than $1 billion on legal cannabis between October and December this year once marijuana for adult use is legalized on Oct. 17.

The agency estimates that the amount spent on legal pot during the fourth quarter could range between $816 million and $1.02 billion.

It added that purchases of illicit cannabis during the same period could be between $254 million and $317 million, or 24 per cent of the total market.

Statistics Canada estimates there will be 5.4 million people who want to purchase legal cannabis in the fourth quarter.

Still, the agency estimates that 1.7 million will likely continue to buy illegal pot during the threemonth period.

The estimates were derived using census population data and statistics from the quarterly National Cannabis Survey, an online questionnaire.

Meanwhile, Shoppers Drug Mart has received Health Canada’s approval to be a licensed medical marijuana producer, opening the door for the pharmacy giant to dispense medical cannabis to patients.

This comes after Shoppers in October 2016 applied to Health Canada to become a licensed medical marijuana producer.

Under the current Health Canada regulations for medical pot, the only legal distribution method is by mail order from licensed producers direct to patients.

In addition to a licence to produce, a cannabis sales license from Health Canada is also required to dispense medical marijuana.

A Shoppers spokesperson says that the approval to be a licensed producer is the “first step” in its journey to providing medical cannabis to its patients.

The company has said that it will share more information about its plans in the coming weeks.