Canada, a Model for Federal Legalization
Canada fully legalized cannabis (recreational and medical) in 2018 and the government’s goals included 1) to protect the health and safety of consumers 2) to shut down or limit the illicit market and 3) to develop a new source of economic growth. We took an in-depth look at a recent study and data from Deloitte around the impact of full Cannabis legalization in Canada and the evidence points to the government achieving these goals.
The data out of the Canada is very positive with a few key stats to focus on:
1. Overall the cannabis industry has contributed $43.5 billion to Canada’s GDP since legalization in 2018
2. The cannabis Industry has generated/sustained 151,000 jobs across Canada
3. $15.1 billion in tax dollars collected since 2018
Details
Canada has set a global example of not only what kind of economic impact to expect from cannabis legalization but has also shown that there are very few negative societal effects which some people worry about, but less and less each day. Canada isn’t perfect and has put restrictions on cannabis in terms of advertising and packaging but these are slowly being changed as well. A recent BDSA study showed 37% of the Canadian adult population have been consumers in the past six months. This compares to 45-50% in CA and CO, where usage rates continue to rise as well. Overall, Canada is poised to continue to see growth and a positive impact from cannabis.
