According to StatsCan, Canadian retailers sold a record CAD$185.9 million worth of cannabis in May 2020.
A total of CAD$850 million worth of cannabis has now been sold in licensed dispensaries in the first 5 months of 2020, which means that, according to current projections, total sales are set to surpass the CAD$2 billion in 2020.
Since cannabis was legalised in Canada in October 2018, the contribution of legal cannabis to the country’s GDP (which takes into account domestic retail sales, investments, inventories and the balance of trade) has increased four-fold and currently represents 0.26% of Canada’s GDP, valued at CAD$4.3 billion.
This has come at the expense of illegal trade, which has been included in GDP estimates since 2017 to account for the effects of legalisation. The illicit market has plummeted 25% in the first 20 months of legalisation, slashing the policing and healthcare costs of prohibition, while hundreds of millions of dollars are being collected in excise duties, sales taxes and license fees.