A new report from Statistics Canada shows economic patterns in the country regarding the use of cannabis during 2017.
The data reveals C$5.6 billion was spent on medical and recreational cannabis during 2017. The spending demographic covers 4.9 million Canadians between the ages of 15 and 64.
The amount of money spent on cannabis was a 1.8-percent decrease from the amount previously projected by Stats Canada.
Titled “Provincial and Territorial Cannabis Economic Accounts, 2017,” the study, released on Monday (April 30), evaluates consumption of the drug throughout the country.
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According to the data, the province of Nova Scotia edged out the rest to earn the highest per-capita usage in the country, amounting to 27.1 grams per person.
The provinces that followed it were BC with 24.6 grams of consumption per person and Alberta with 24.1 grams. Overall the entire country saw a consumption rate per capita of 21.1 grams.
“In 2017, the gross value added of the cannabis industry was [C]$2.8 billion,” the study says.
Alberta led the country in terms of the highest share of legal marijuana for medical purposes purchases with a 25.1-percent advantage. The province of Quebec finished the year with the lowest share.
Cannabis prices trending downward
When it comes to breaking down the cost of cannabis per province, the data reveals Quebec residents pay the lowest, with a $6.19 price tag per gram. Across all the provinces, however, the price of cannabis declined year-over-year from 2015 until 2017.
The average price of cannabis in Canada, according to the report, dipped from C$8.19 to C$7.82 and finally to C$7.25 in 2017.
“Prices for cannabis products have been generally trending downward in Canada since 2004,” the study explains. “Average prices in 2017 were lower than in 2016 for all provinces and territories.”
As the country prepares for the legalization of cannabis it will be important for investors to keep an eye on prices and which provinces become strongholds for the overall market share.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.