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Legal marijuana could be a $10 billion industry in Canada

Submitted by Marijuana News on Thu, 01/28/2016 - 20:32

Legal marijuana could soon be a major revenue stream for Canada.

A new report by CIBC World Markets says legalizing marijuana in Canada could create a $10 billion annual industry, as reported by Global News.

Using Colorado’s legalization experience as a financial model, economists say Canada’s marijuana market could become much larger than earlier predictions of $3 billion annually.

Legal marijuana sales in Colorado totaled $700 million in 2014 alone, and sales in 2016 are on track to hit $1 billion. When adjusted to Canadian dollars, Colorado’s sales figures suggest Canada’s marijuana market could reach $10 billion per year, according to Vancity Buzz.

If Canada levees a hefty “sin tax” of 50 percent or more on legal marijuana sales, the country stands to take in $5 billion annually in taxes from the marijuana industry alone, according to the report.

Of course, this revenue figure would...

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