Canada became the second country in the world after Uruguay by legalizing recreational use of marijuana on October 17, 2018. Before cannabis was legalized the average price per gram was about $6.79 and after it was legalized the price was ranged Can$5.25 per gram in Quebec to $18.99 per gram in Saskatchewan. People queued for hours to purchase legal cannabis in front of stores and it is reported that at some places ran out of it in half business day. In Ontario, Canada in the first few hours’ sales reached about $750,000 on the first day and in Quebec was even higher in-store and online, which was above all expectations. If we look at even smallest province like Nova Scotia and Prince Edward Island sales were at $660,000 and $152,000 respectively.
The point here is by legalizing Cannabis it is expected to grow into $5 billion industry, and it will certainly contribute to Canada’s economy. It will also open up the opportunity for those interested in becoming retailers. As Canada is the only developed economy to legalize marijuana, Canada can be the market leader worldwide.