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Pot sales could top $1-billion within months of legalization

Residents, municipalities and businesses across the country are gearing up for Oct. 17 when cannabis will officially become legal in Canada.

With each province taking a slightly different approach to how recreational legal cannabis will be sold, skeptics have cautioned that sales may be less than previously expected.

However, Statistics Canada has released a report that forecasts legal cannabis sales surpassing $1-billion between October and December of this year.

<who> Photo Credit: File Photo.

The agency estimates 5.4 million will purchase legal cannabis products during the fourth quarter of 2018, where profits could range between $816 million and $1.02 billion.

It added that purchases of illicit cannabis during the same period could be between $254 million and $317 million, or 24% of the total market.

To forecast the numbers, Statistics Canada sourced census data, the National Cannabis Survey and an online questionnaire.

With files from the Canadian Press.



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