February 1, 2022 (TORONTO) – The Ontario Cannabis Store and Deloitte today announced the publication of An Industry makes its mark: The economic and social impact of Canada’s cannabis sector. This report provides insight to the economic contribution that cannabis has made to the country and more specifically, the province of Ontario, from the start of legalization in 2018 to 2021.
Compiling data from cultivators, processors, medical sales holders and retailers of both medical and recreational cannabis, this study highlights the economic boom that the Canadian cannabis sector has created. The analysis also shows opportunities for improvement associated with diversity, inclusion and equity; however, the cannabis industry is equipped to strategize and invest efforts in this area. As cannabis becomes more widely accepted by the public and job opportunities increase, the industry is expected to continue a positive trajectory of growth and influence.
Key insights from the report include:
- Canadian cannabis sector is responsible for sustaining approximately 151,000 jobs nationwide.
- Since 2018, the Canadian cannabis industry has supported an estimated $15.1 billion in government tax revenues for Canada and $3.0 billion in tax revenues for Ontario.
- The industry has contributed an estimated $43.5 billion to Canada’s national GDP and $13.3 billion to provincial GDP between legalization and 2021.
The full report is available here.