Canada has been at the forefront of the cannabis industry for a while now since its legalization of recreational marijuana, which has opened the global markets to even more growth. Cannabis users can be happy to know that the market will only be expanding, and rapidly, over the next 5 years. They are one of only two countries in the world to have nationwide, commercialized, sales of recreational weed. So it makes sense they lead some of the highest sales in the market and are on track to continue to grow.
Sales Are Up For Cannabis Stores in Canada
With more dispensaries popping up, including more Dank cannabis stores, the cannabis retail market is on the boom. Canada saw an early opportunity to get in the industry by seeing the progress and benefits both medically and economically. BDSA, a leading market research company for cannabis recently released a report for Canadian markets. Which is predicted to soar by 2026 at a whopping $62 billion. This is an increase of over 41%, comparing it to the $31 billion brought in over 2021. Brian Madden, a senior vice president for Good Reid Investment Counsel, gave his rundown of how early legalization of all marijuana use puts Canada ahead of other markets. Canada has more financial freedom to create products unlike its next-door neighbor, the US, which is currently leading the global market. The inability for the US to pass a federally legal bill promotes Canadian markets by providing cannabis to not only its citizens, but visitors as well. Madden also said it’s become increasingly easier for investors to distinguish good companies from bad ones. Cannabis companies in Canada are often reliable for investors by having that extra-legal support.
International cannabis markets and even many in the US don’t have the same kind of security Canadian cannabis retailers currently have with the backing of their federal law.
Since October 2018 and the passing of legal weed in Canada for adult use, sales have soared. Within the first year, markets were seeing 2.65 billion in revenue for medical use and this has continued to expand now that recreational has been passed. In 2021, the global markets saw a combined 29.6 billion dollar revenue in cannabis sales. Recreational brought in $16.5 billion while they saw about $12.9 come from medical use. With the majority of this global revenue coming from North American territories, the global market, in general, is on the rise as well.
A recent report by Bloomberg International stated by 2025 global sales will surpass fifty billion. With $33.6 billion coming from the legal recreational market and $17.5 billion coming from legal medical use in 2025. The illicit cannabis market on the other hand is also still expected to grow at about $445.3 billion in 2021. This is a huge increase in comparison to what the markets saw in 2020. Which brought in about $13.4 billion in recreational, $10.2 billion in medical, and $23.7 in illicit. The love for the use of cannabis is growing, and the markets are finally reflecting that.
By making it to the end and assuming this reader enjoys or at least has an interest in cannabis. The Dank dispensaries are one of Canada’s leading cannabis retailers, bringing consumers not only high-quality cannabis and guides. The Dank cannabis stores give consumers informative tips, so they can make educated purchases.