Canada’s Cannabis Industry Could Have 8 Million Customers

While Canadian residents eagerly stand by and wait for newly-elected Prime Minister Justin Trudeau to make good on his promise to legalize cannabis throughout the country, a new poll published earlier this week indicates that, if legalization does come to pass, the nation’s retail cannabis trade will attract an estimated 8 million customers.

The latest Forum Poll finds that the majority of the Canadian population – around 6-in-10 – want to see cannabis tightly-regulated and sold legally through government channels. However, it is the young and wealthy, mostly Liberal and New Democrats, who want it the most, while the Conservatives appear to have very little interest.

“Now that marijuana legalization is a likelihood rather than a vague promise, Canadians are considering the issue more closely than in the past,” Forum Research President, Dr. Lorne Bozinoff said in a statement. “They are just as much in favour of legalization as they were before the election, if not more, but they want to see it strictly licensed and controlled, not grown in basements and sold in corner stores.

According to the poll, around 18 percent of the population consumed marijuana in 2014, but it suggests that number would likely increase to around 31 percent if the criminal penalties associated with possession were eliminated. Potentially, legalization would bring about a population where roughly 3-in-10 people purchase cannabis products on a regular basis. It is based on these statistics that the Forum Poll predicts a legal marijuana market could be up to 8 million consumers strong.

“The size of the market…should be good news for the potential industry players waiting to open shop here,” Bozinoff said.

It is predicted that nationwide legalization could generate $1 billion per year for the Canadian government. However, other estimates put the annual figure closer to the $5 billion mark.

Do you think Canada will become the country to legalize cannabis? Share your thoughts in the comments.