Cannabis spending is on the rise in Canada. On Thursday (January 25), Statistics Canada revealed Canadians spent approximately $5.7 billion in medical and non-medical last year.
The government agency presented the results from surveys it conducted among the Canadian population, stating that 4.9 million Canadians between the ages 15 and 64 admitted to spending money for cannabis last year. “This was equivalent to around $1,200 per cannabis consumer,” the agency said.
Population of users increases in 45+ age group
While it might be surprising, cannabis spending isn’t limited to the younger population. As the agency states, “The share of consumption among 45- to 64-year-olds (the oldest age group in the study) has been increasing in recent years. In 2017 this particular demographic accounted for 23 percent of the user population.
Data shows the vast majority of reported Canadian households spending money on cannabis products were intended for recreational purposes. The agency indicated marijuana spending has been on an annual six percent increase since it started tracking this statistic in 1961.
As part of their revamped effort on cannabis data collection, Statistics Canada launched a new hub meant to provide data on topics like health, economy, and prices.
Domestically produced cannabis resulted in sales of $5.4 billion, while international product accounted for $300 million in sales during 2017.
The availability of this type of information could better prepare investors when it comes to making picks in the public market. Additionally, companies employing some form of advanced data like this would help to paint a clearer picture of the available market in Canada.
Case in point, Statistics Canada also revealed it will be developing new data sources and working to improve the methods by which it collects this information. As the cannabis industry continues to grow it will be key for the agency to keep track of figures and estimations from the consuming population.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.