Canadians could spend more than $1 billion on legal cannabis in the last three months of the year, once recreational marijuana is legalized on October 17, according to Statistics Canada.
The federal agency calculates that the amount spent on legal cannabis in the fourth quarter could be between $816 million and $1.02 billion.
Illegal cannabis purchases over the same period could range from $254 million to $317 million, representing 24% of the total market, Statistics Canada added.
According to the agency’s forecast, 5.4 million people will want to buy legal cannabis in the fourth quarter. It also estimates that 1.7 million people will likely continue to buy illegal pot during this period.
Estimates are based on census data and statistics from the National Cannabis Survey, published quarterly.
Last month Statistics Canada released data showing that Canadians’ spending on cannabis products grew 1.2% in the second quarter to $5.7 billion on an annualized basis.
Of this amount, about 85% was spent on illegal purchasing, down from 98% in the second quarter of 2014, due to the rise in cannabis use for medical purposes, reads in this issue. information note issued by the government.
Nearly 4.9 million Canadians aged 15 and 64 spent on average $1,200 per person.
Adam Fast started working for Spruce Tribune in 2017. Adam grew up in a small town in northern Ontario. He studied chemistry in college, graduated, and married his wife one month later. Adam has been a proud Torontonian for the past 10 years. He covers politics and the economy. Previously he wrote for CTV News and the Huffington Post Canada.