Legal Cannabis Market Outpaces Illegal Market
Stats Canada Show the Legal Cannabis Market Has Higher Sales Than Black Market Cannabis – LPC
Canada has hit what one journalist calls a “significant milestone”. For the first time since legalization, spending in the legal cannabis market is higher than the illegal market. According to Stats Canada, legal cannabis amounted to $803 million versus $785 million for black market cannabis in the second quarter of 2020. The legal cannabis stats include both medical and recreational cannabis.
Tarek Shbib, who owns the Spiritleaf in Kelowna, is not surprised.
“I think it shows that the legal market has matured to a point where consumers now consider it the norm when looking to purchase cannabis products,” Shbib said.
Consumers also see safety in some of the more complex Cannabis 2.0 products.
“Products like these are not easy to produce safely, and so our customers appreciate that when they come to our stores, they know the product they go home with is safe and has been tested and made in a facility approved by Health Canada,” he said.
Gap Should Only Widen
BC itself seems to be the epitome of the battle between the legal cannabis market and the illegal market. From the beginning, BC had the lowest legal cannabis sales in Canada. Today though, there are signs of change. Stats in June showed the “thriving illegal cannabis market” in Vancouver was anything but. In August, sales showed legal cannabis sales in BC increased by seven fold over 2019.
With continued growth in the legal cannabis market, particularly in BC and Ontario, we can expect the gap to widen further.
This editorial content from the LPC News Team provides analysis, insight, and perspective on current news articles. To read the source article this commentary is based upon, please click on the link below. Are you part of the legal cannabis industry in Canada? Add Your Listing and get found by a qualified audience.
