Economic Impact of Cannabis Legalization on the Leduc Region Report
The Leduc-Nisku Economic Development Association recently completed a report examining the overall economic impact projected within the Leduc region as a result of the upcoming legalization of recreational cannabis in Canada. The information contained provides valuable insights into this entirely new industry sector within the formal economy of Canada. Forecasts of total consumers, aggregate consumption levels, potential revenues, economic opportunities, and further insights are presented based on existing and projected market data.
Some significant findings from the report include:
- In 2019, an estimated 5 million Canadians will consume cannabis at least once (est. 8,700 within Leduc region)
- By 2023, it is projected that 5.8 million cannabis users will reside in Canada (est. 10,000 within Leduc region)
- Estimations show the 17-24 age group representing 65% of users
- In 2019, an estimated 718,000 Canadians will consume cannabis daily (est. 1,200 within Leduc region)
- 2019 estimated pre-tax retail price for cannabis in Alberta ranges from $6.67-8.33 per gram
- Estimated cannabis sales in Canada for 2019 are $6.3 billion
- In 2019 it is estimated that Alberta’s legal market will capture 91% of the total market share due to insignificant price differences between legal and illicit market cannabis
- Estimated annual revenue of $5 million for Leduc region legal cannabis producers
- Estimated creation of 200 full-time jobs in the Leduc region
View the report in its entirety by visiting the link below.