April 13, 2018
This week's post looks at the economic development opportunities surrounding the legalization of cannabis in Canada later this year.
From retail sales, cultivation, education and research, here are five takes on the economic potential of cannabis.
5 articles on the economic opportunities in cannabis
Economic Impact of Recreational Marijuana. This report from Deloitte estimates that the sales of legalized marijuana add up to as much as $5 billion to $8 billion per year. Adding the economic impact including ancillaries like growers, infused products, testing labs & security and the industry has the potential to be worth up to $22.6 B per year. Tourism, taxes, licenses and paraphernalia sales would be above those estimates. https://www2.deloitte.com/ca/en/pages/deloitte-analytics/articles/recreational-marijuana-market.html
Smiths Falls Case Study This article from the Toronto Star details 'how one small Ontario town became the cannabis capital of Canada'. It tells the story of how Smiths Falls has reinveted itself from a community known for producing munitions, vinyl records and chocolate bars to the home of the world’s largest publicly traded cannabis producer.
Health Sciences Research Here's an example of the research in the medicinal applications for cannabis. Hamilton's McMaster University and St. Joseph’s Healthcare have established the DeGroote Centre for Medicinal Cannabis Research to study the effectiveness of medical cannabis. https://globalnews.ca/news/3847896/medicinal-marijuana-research-hamilton/
The re-use of Vacant Industrial Buildings. This article details the adaptation of a former Kraft Plant in Cobourg where the new marijuana producer intends to hire 200 people over next 12 months.
Education in the Canadian Marijuana Industry This article outlines the role education will provide in supporting the industry with examples of programs in British Columbia, Ontario and New Brunswick with courses in retail sales, safe handling, cultivation and medical application.