A burgeoning new retail industry is poised to quickly scale in Canada, where the government legalized marijuana marijuana on Oct. 17. While the Canadian Parliament in 2017 passed the bill legalizing the sale of cannabis, much of the regulation, including retail sales, has been left to the provinces.
Stores have begun to pop up in Alberta and Saskatchewan, two of the first provinces to legalize brick-and-mortar cannabis rentals. Inner Spirit Holdings’ Spiritleaf lifestyle stores, upscale-looking units with weathered wood fixtures and seating areas for sampling, have opened locations in Brooks, St. Albert and Lethbrid. Tom Dyck, Chief Executive Officer of Mihi, one of Ontario’s newest retail banners, said retailers are enjoying their time on the market. There’s been a bit of a rush with a lot of money.
Cannabis sales in Colorado the first U.S. state, along with Washington, has grown to $ 1.6 billion in 2018, according to the Colorado Department of Revenue. Canada’s Parliamentary Budget Projected 2018 marijuana sales both legal and illegal -of $ 4.2 trillion to $ 6.2 trillion.
In Ontario, there ‘s financial incentive for cities to opt for legalize marijuana for recreational use. The province’s share of the $ 100 million taxpayer is $ 100 million for the first two years of legalization, the government will provide municipalities with 50 percent of the surplus.