Earlier this month, the Canada Cannabis Act was introduced in the Canadian Senate which is the last legislative hurdle for the movement, which has widespread public support along with the support of Prime Minister Justin Trudeau, to clear in their process.
“I think it is broadly recognized that criminalizing cannabis has been a failure,” said Senator Tony Dean of Ontario, a sponsor of the bill. Dean believes that the bill will pass by or before July 2018 and that legal recreational sales will be able to begin soon after in July.
Annual sales for Canada’s recreational marijuana market could range between $2.3 billion and $4.5 billion by 2021, according to recent estimates from Marijuana Business Daily.
Although the numbers would be impressive for the country it still won’t come close to rivaling the United States where recreational sales for cannabis are expected to total $7.1 billion to $10.3 billion by 2021, according to Marijuana Business Daily.
Canada will build on government-supported online sales that were implemented to support the country’s medical marijuana industry.
“We are very well positioned for July,” said Nate Race, a contractor with MJ Orchards, a medical marijuana farm in British Columbia.
“In the U.S., the growth of recreational marijuana is artificially hampered by the fact that cannabis is illegal,” said Chris Walsh, founding editor of Marijuana Business Daily.
“The growth that we’re seeing in marijuana [in the U.S.] is only a piece of what it could be,” he said. “The backing of the federal government in Canada is opening a lot of doors that are closed right now in the U.S.”