CBD Guide
  • Home
  • Education
  • Guides
  • Reviews
  • News
No Result
View All Result
  • Home
  • Education
  • Guides
  • Reviews
  • News
No Result
View All Result
CBD Guide
No Result
View All Result
Home News

Legal Cannabis Has Contributed Nearly $4B to Canada’s GDP

Jean Martinez by Jean Martinez
May 3, 2020
in News
0 0
0
Legal Cannabis Has Contributed Nearly $4B to Canada’s GDP
191
SHARES
14
VIEWS
Share on FacebookShare on Twitter

The legal cannabis industry has contributed $3.96 billion to Canada’s gross domestic product since the nation’s adult-use legalization reforms in October 2018 – an increase of 215 percent, according to Statistics Canada data outlined by Bloomberg News. The agency also reported that estimated illicit cannabis sales contributed $4.13 billion to the nation’s economy, down about 21 percent since October 2018.

According to agency data, 16.7 percent of Canadians used cannabis over the last three months. In all, that represents about five million people, a figure that remains unchanged from pre-legalization statistics.

In February, Canada reported cannabis tax revenues totaled $18 million during the first full fiscal year of legalization in the Great White North, falling short of the $35 million expected by government estimates. The shortfall prompted officials to cut their cannabis-related revenue forecast this year from $100 million to $66 million. Officials are still betting on cannabis tax revenues to reach $135 million next year and $220 million by 2023.

Canada’s cannabis industry has also seen employment numbers nearly quadruple from 2018 to 2019 – from 2,630 jobs to 9,200 jobs, according to Statistics Canada figures. In 2017, the industry employed about 1,438 people.

Statistics Canada figures from August 2019 found that 42.7 percent of Canadian cannabis consumers still obtained some cannabis products illegally.

Cannabis companies reported to Statistics Canada that, while their revenues rose 92 percent in the fiscal year 2018 and another 52 percent by April 2019, all companies reported overall losses.

This content has been curated and re-published from Ganjaprenuer.com. Please click the link below to view this content from the original source.

Original Source: Legal Cannabis Has Contributed Nearly $4B to Canada’s GDP

Content Credits: Originally written by TG Branfalt and published to Ganjaprenuer.com on 2020-05-01 16:01:00.

Previous Post

Georgia Bill Would Require Paperwork to Possess Hemp

Next Post

UK Regulators Hint at CBD Crackdown

Related Posts

Wyoming Tribe Moves Toward Hemp and Medical Cannabis Legalization
News

Wyoming Tribe Moves Toward Hemp and Medical Cannabis Legalization

August 31, 2020
Oklahoma to Revoke Testing Lab’s License Amid Scandal
News

Oklahoma to Revoke Testing Lab’s License Amid Scandal

August 30, 2020
Hemp-Based Burger Announced by Fake Meat Startup
News

Hemp-Based Burger Announced by Fake Meat Startup

August 29, 2020
Florida Adds Edibles to Medical Cannabis Program
News

Florida Adds Edibles to Medical Cannabis Program

August 28, 2020
Most Legal Marijuana States Had Fewer Vaping-Related Lung Injuries, Study Finds
Learn About CBD

Most Legal Marijuana States Had Fewer Vaping-Related Lung Injuries, Study Finds

August 27, 2020
Mitch McConnell Recommends Hemp-Based Face Masks
News

Mitch McConnell Recommends Hemp-Based Face Masks

August 27, 2020
Next Post
UK Regulators Hint at CBD Crackdown

UK Regulators Hint at CBD Crackdown

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Recent Posts

  • Wyoming Tribe Moves Toward Hemp and Medical Cannabis Legalization
  • Oklahoma to Revoke Testing Lab’s License Amid Scandal
  • Hemp-Based Burger Announced by Fake Meat Startup
  • Florida Adds Edibles to Medical Cannabis Program
  • Most Legal Marijuana States Had Fewer Vaping-Related Lung Injuries, Study Finds

Recent Comments

  • Jean Martinez on Colorado Gov. Signs Cannabis Social Equity Bill
  • kiran on Colorado Gov. Signs Cannabis Social Equity Bill

Archives

  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
CBD Guide

© 2020 CBDGuide.io, All Rights Reserved.

Site Navigation

  • Affiliate Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact us

Follow Us

No Result
View All Result
  • Home
  • Education
  • Guides
  • Reviews
  • News

© 2020 CBDGuide.io, All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
0
0
Would love your thoughts, please comment.x
()
x
| Reply