The recreational marijuana industry is expected to take a sip of less than 1 per cent initially out of annual Canadian alcohol sales once it becomes legal.
A business consulting firm in New York, says the legalization of Marijuana would take $160 million out of the country’s $22.1 billion booze industry, rising as use of the drug expands.
While there are numerous unknowns governing the sale of marijuana, A Business consulting Firm based its projections on alcohol sales in U.S. states that have legalized the drug. It also took into account a lot of factors in Canada including spending patterns, income and demographics.
The beer market, which is worth about $9.2 billion, is anticipated to take a $70-million hit from in the first year of marijuana legalization.
A Deloitte report has estimated that the Canadian market for marijuana could be worth up to around $22.6 billion a year, including about $4.9 billion to $8.7 billion from the sale of the substance, with the rest coming from the ancillary market including growers, testing labs and security.
In a report released last month, Azer said just under 82 per cent of 18- to 29-year-olds in Ontario consumed alcohol in 2015, down 5.5 percentage points since 2008, while marijuana use has been steady at around 34 to 36 per cent.
The introduction of Marijuana being legalized will hopefully divert the public away from booze a little more. The only reason that is a concern to me is the stats that show the affects of living between the two. It is shown that alcohol does way more damage then Weed. There are more deaths caused by alcohol then Marijuana.
This was in 2014 from the World Health Organization. Countries in Europe have already seemed to legalize or be less harsh on the laws. Countries like Spain and Portugal have started the trend with more hoping to follow.
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