Canada’s Legal (and Illegal) Cannabis Export
Industry Buzz for April 2018 The Scoop from Sunmaster
The vast majority of cannabis consumed in Canada is grown in Canada, where it is believed to be comparable to the domestic production of tobacco, beer and wine combined. That being said, Canada’s economy is getting a significant boost from the export of cannabis, through rapidly developing legal avenues as well as old school black market channels.
A recent analysis by Toronto-based Eight Capital, estimates the potential international medical cannabis market at CA$180 billion (US$142 billion) over the next 15 years. This bodes well for Canada as a number of Canadian companies are quickly establishing a foothold in Europe’s largest economy. The current focus on the global medical market, rather than the Canadian and U.S. recreational markets, is “because the opportunities allow for faster international expansion”, according to a CanniMed spokesperson.
Canadians also continue to be adept at sneaking cannabis across the US/Canada border, suggests a new report by Statistics Canada. In 2017 an estimated $1.2 billion worth of cannabis, or 20 percent of Canada’s total weed production, was illegally sold outside the country, according to Canada’s federal agency.
Canada is believed to be extremely well-positioned for years to come as a global leader in the rapidly growing cannabis market. Whether for personal domestic consumption, the growing global medicinal market or covert supply to the US recreational market, the future is looking very green for the maple leaf state.