OTTOWA, Canada—A year after Canada legalized recreational pot in full, the country’s experience offers insights into how similar decisions in other countries could play
out.
The pot market could reach as much as $5.1 billion in annual sales by 2020 in Canada, according to Pymnts.com, although some predictions are forecasting even larger sales. “Especially ones that include spending on accessories and growing supplies.”
One month after Canada legalized marijuana for everyone in the country, Canadians spent C$54 million ($41 million). The C$54 million number is higher than the original estimate of C$43 million, illustrating the potential of the market, said Pymnts.com.
Canada legalized cannabis after Prime Minister Justin Trudeau said prohibition wasn’t working and its illegality was providing illicit money to gangs while allowing for unchecked use by the country’s youth.