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Cannabis has added over $8 billion to Canada’s GDP

According to Statistics Canada, the cannabis industry has added over $8 billion to Canada’s Gross Domestic Product since fall 2018.

The latest numbers, released Monday, show that the cannabis industry added $8.259 billion to the economy between when the products became legal in October 2018 to the end of July 2020.

This is up from a reported $7.02 billion when legalization started.

The figures also show that Canada’s legal cannabis industry has grown by 185% during the captured time period.

The numbers are particularly poignant as the country approaches the first anniversary of recreational legalization on October 17. With the upcoming milestone, a host of new products will also come online, creams and topical products, as well as cannabis edibles and beverages, and concentrates — like those used with vapes — will all be added to the list of approved products.

The agency also estimates that the unregulated market holds a wide majority of customers, estimating that legal sales only make up 21% of the entire Canadian cannabis market.

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