Canada’s Cannabis Market Ready To Explode
Canada has a weed problem.
Quite simply: there isn’t enough of it, legal and accessible, to meet the tidal wave of demand that is about to sweep across North America.
After the campaign promises of Prime Minister Justin Trudeau, the Canadian government is poised to fully legalize and regulate cannabis next year, permitting adult recreational use. California, the largest pot market in the United States, is expected to follow suit.
Countries throughout the world are embracing cannabis as a legal form of recreation, similar to alcohol and tobacco. The global pot market could be as big as $31.4 billion by 2021, with the United States’s market share shrinking from 90 percent to only 57 percent.
Investors looking for a cannabis score could soon need to look outside the United States. Plus, they need to be conscious of how supply limitations and a rapid increase in demand in Canada next year could create opportunities.
Right now licensed producers in Canada only provide about five percent of the potential recreational demand, serving a medical marijuana patient base of 200,000 people. But with legalization next year, Canada is expected to add to that base millions of recreational consumers. In addition, the number of medical marijuana patients has already tripled in the last year and continues to grow seven percent month over month.
With full legalization in place, Deloitte estimates the total economic impact could be $22.6 billion annually, more than the combined sales of beer, wine and spirits. And Canadians will be able to order pot to their very door, allowing for easy consumption on a scale never before imagined.
Nugcoins are a hybrid anonymous cryptocurrency. They are earned primarily through the drop method and are set-up to be fully decentralized giving individuals complete and anonymous control. Cannabis industry growth is not set to slow down any time soon.