Canadian Cannabis Legalization Update
2018 was an absolutely pivotal year for the cannabis industry! Australia gave the green light to Cannabis exports, New Zealand’s government announced it will hold a referendum on recreational pot legalization in the next general election to come in 2020 and Canada was an absolute trail blazer. One of the most widely reported moments of 2018 was Canada's landmark legalization of recreational pot, bringing an end to almost a century of prohibition. While around 30 countries have legalized medical cannabis to date, Canada is the second country, after Uruguay, and the first major global economic player to fully legalize this plant for production, sale and distribution. Mexico followed up Canada’s move to legalize by decriminalizing the use of the plant by saying that prohibition was unconstitutional and “found that adults have a fundamental right to personal development which lets them decide their recreational activities”. The Cannabis movement spread far past North America with South Korea and Thailand surprisingly legalizing the use for medical purposes as well as UK, New Zealand and Australia following suit.
Recent estimates forecast the total Cannabis market in Canada, including both legal and illegal use, to generate up to US$7.17 billion in total sales in 2019. Heightened demand has resulted in supply shortages in Canada. After months of legal Cannabis Store sales, stores are still having trouble procuring enough Cannabis from producers that have built large valuations on promises of selling tons of the plant. On a wider scale, according to recent data by Genesis Market Insights, the global cannabis market was valued at US$17.2 billion in 2017 and is projected to reach US$58.9 billion during the forecast period of 2018 to 2023. Unsurprisingly, the US and Canada control the majority of that global market — but unlike Canada, the US hasn’t yet legalized Cannabis on a federal level.
With all of these highs and lows in mind, on the heels of last year’s wild weed ride, 2019 is looking to be one in which widespread pot legitimization and de-stigmatization continues at a fast pace! Make sure to check back on instaleaf.ca to learn more about the legalization movement and education regarding this amazing plant.
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