Medical Marijuana to Reach $2.4 B by 2025 in Canada
In 2016, the Canadian medical marijuana market stood at $600 million CAD; by 2025 projections show that the market will probably increase to around 2.4 billion, a fourfold increase within eight years.
The Cannabis Act, which passed in October of 2018, formally legalized the cultivation, possession, acquisition and consumption of marijuana and marijuana-derived products.
According to an online survey answered by 1,500 Canadian respondents with a demographic of 18 years and older, around 2 weeks after legalization 16 percent of respondents said they visited an online site that sells cannabis.Thirteen percent said they used cannabis and six percent visited a cannabis shop.
Sales in the U.S
On the other hand, Canada isn't the only country reaping in the success of medical marijuana; industry specialists projects the U.S's retails sales to increase in the coming years. According to this statistic by Marijuana Business Daily, they expect medical marijuana retails sales to generate up to $7.3 billion USD.
In addition, according to Ackrell Capital they project America's combined recreational and medical marijuana consumer market to grow up to $37.3 billion USD by 2024.
Canadian marijuana companies
Today, Canada is home to some of the leading medical marijuana companies. In fact, out of the ten leading North American medical marijuana companies, eight are from Canada.
The leading company, Canopy Growth Corporation is headquartered in Smith Falls, Ontario. Additionally, in 2018 they reported a market capitalization of over nine billion USD. Other notable medical marijuana companies include, Aphria, Hexo and the Green Organic Dutchman.