We’re now three years into the legalization of marijuana in Canada and there are interesting results. The Canadian people seem set to gain, the Canadian government is set to gain, and marijuana vendors are of course set to gain. How have these changes manifested in the country? Have we piqued your interest? Take a look at our guide to the biggest changes in the Canadian marijuana market.
A new taxed market
With the explosion of legalized marijuana, Canada is set to receive a massive amount of tax dollars. The market looks to be reaching somewhere between $5 billion and $8 billion, and with $1 per gram or 10% of the sale – whichever is higher dedicated to taxes –the Canadian government stands to gain at least $500 million to $800 million in this year alone. And that number is expected to go up for the next few years as the market rises and stabilizes.
The abundance of edible products
Whether you are looking to order edibles online or are fine with visiting the nearest cannabis store to find something, you will find an abundance of cannabis-infused items.
When it comes to food that you can buy ready-made, you’ve got your choice of gummies, brownies, cookies, chocolate, beef jerky and lots of other snack-like items that can get you your fix and taste good too. But there are also cannabis-infused products that you can incorporate into your meals, like oil, butter, and milk.
However, the snack options are popular not just for the sheer ease of grabbing something to go, but for the fact that they are easy to ration. It means that casual partakers have more control over how much they consume and how fast or slowly they want their high to last.
The explosion of physical premises
But, of course, merchants need somewhere to sell these items. There are two ways they can do this: from a virtual shop or a physical shop.
What often separates the two is whether you want to directly talk with an expert or whether you want to physically see the product. The former is possible both online and in a physical store, despite many thinking you can only speak with the experts in person. Many companies are contactable by email or phone, allowing a customer the chance to ask questions about a product. The latter, in the cannabis market, is not a necessary part of the experience so neither online nor in-store win here.
However, as physical premises have been popping up all over Canada, not to mention the online market for marijuana, retail space has been given a good boost with this new, valuable, and in-demand product.
And this has had a positive ripple effect on the housing market. It’s rare that housing news is spoken of in glowing terms nowadays, but it’s true. Merchants soaking up properties like warehouses and shopfronts are helping to stabilize a shaky real estate landscape, which will affect renters and potential homeowners.
Plus, the real estate market has seen a boost from tourists. With tourists coming up to Canada to partake or see what all the fuss is about beyond the rolling hills and invigorating cities, more apartments, and other rented-out properties are bringing in income, somewhat stabilizing the housing market.
Canada’s already thriving tourism market has been given a boost by the legalization of marijuana. If you’re a city person you head to Toronto to see the drag street and the CN Tower, if you’re a nature lover you head into the vast expanse of beautiful lakes and mountains. However, as with Amsterdam and The Netherlands, the legality of cannabis provides a unique place in the tourism industry at this current moment.
There’s been some push and pull with marijuana and the tourism industry. The mayor of Amsterdam, for instance, wanted to ban tourists from coffeeshops to curb any potentially anti-social behaviour, among other tactics to change perceptions. It’s largely a case of tourists not understanding the culture. Canada will be able to learn from Amsterdam’s leadership and implement our own measures to ensure that the healthy and regulated system suits all customers and users.
It’s clear to see that the marijuana market has exploded. It’s on every street corner, featured in every wellness blog, and sold on Canadian online stores, but the ripple effects of this explosion are where things get interesting. Customers are enjoying a wide range of products, merchants are enjoying a physical premise not to be raided anytime soon, and the Canadian economy is enjoying a tax boost and a slightly more stable housing market.