Deloitte: Cannabis Booming in Canada Adding $43.5 Billion to Canadian GDP
TORONTO- A new report by Deloitte says that $11 billion in cannabis sales has created 151,000 new jobs and added $43.5 billion to Canada’s GDP
The cannabis market is in “robust health” three years after legalization, according to a new analysis from Deloitte and the Ontario Cannabis Store.
The report acknowledges the cannabis industry’s considerable economic contribution to Canada, but it also highlights some of the industry’s shortcomings, particularly in terms of diversity and environmental sustainability.
Overall, the business has generated $11 billion in sales and $29 billion in capital expenditures across Canada. This is mostly attributable to the construction of new facilities.
This has resulted in the creation of 151,000 new jobs in Canada, with the cannabis business directly or indirectly contributing $43.5 billion to the country’s GDP.
48,000 new employment were created in Ontario, with a total contribution of $13.3 billion.
Government tax revenues from the legal cannabis sector in Canada totaled $15.1 billion, with $3 billion coming from Ontario.
From 2018 to 2021, cannabis cultivation and retail in Canada generated $1 billion in direct taxes, $7.3 billion in indirect taxes, and $3.9 billion in induced taxes.
In addition, $2.9 billion in sales and excise taxes were generated by consumer purchases.
Cannabis shops and producers in Ontario generated approximately $142 million in direct taxes, $1.2 billion in indirect taxes, and $673 million in induced taxes, with consumer purchases contributing another $1 billion in sales and excise taxes.
Despite this strong performance, the research claims that the business still has a long way to go in terms of being more inclusive.
About the Author: HCN News Team
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