Home Business Economy Cannabis Canada: Domestic pot industry contributes $8.65 B to economy in May,...

Cannabis Canada: Domestic pot industry contributes $8.65 B to economy in May, StatsCan says

Canada’s marijuana market contributes $8.65 B to economy in May: StatsCan

Canada’s marijuana industry generated about $8.65 billion for the country’s economy in May, according to the latest data from Stats Canada on Friday. The legal cannabis industry contributed about $4.66 billion to Canada’s gdp since May, StatsCan said. That’s up 11 per cent given that the very same period a year earlier. Meanwhile, the illegal market continues to pattern downward and is approximated to contribute $3.92 billion to the nation’s economy, down about 13 percent because May 2019 according to StatsCan.

Ontario’s marijuana supplier might open second warehouse to support increasing need: Expert

The Ontario Cannabis Shop might be getting a new warehouse, an indication that the provincial wholesaler is broadening its item offerings to meet client need. BMO Capital Markets analyst Tamy Chen said in a current note to clients that the province is anticipated to open a 2nd circulation storage facility by September. That must offer an increase in sales to marijuana producers in the 4th quarter of the year, Chen composed in her note. An OCS spokesperson declined to confirm whether it would include another storage facility to its supply chain, but specified in an e-mail to BNN Bloomberg that the agency has actually received permission from the Ontario federal government “to continue to expand our independently run circulation network when necessary.”

U.S. pot sales at danger of decrease as weekly fed support winds down

U.S. pot sales may be at danger of ending their current string of regular monthly advances now that the federal government is paring back jobless benefits to unemployed workers, MJBizDaily reports. The U.S. in ending its $600 weekly payment to people impacted by the COVID-19 pandemic on Friday, with no brand-new deal officially approved by members of Congress. MJBizDaily points out a Denver-based cannabis industry lawyer who anticipates pot sales to suffer as an outcome of lower spending power among Americans. Future sales figures could likewise indicate whether marijuana is indeed a recession-proof market, although the medical marijuana-related activity is expected to be more durable than the recreational market.

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This corresponds to US$ 2,128 per pound at existing exchange rates.

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