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.
About the OCS
The Ontario Cannabis Store (OCS) operates the largest legal and centralized wholesale cannabis organization in the world. We provide Ontario adults aged 19 and older with safe access to tested and traceable recreational cannabis products. As a Crown agency solely owned by the Province of Ontario, the OCS is mandated to provide a competitive alternative to the illegal market, champion a socially responsible cannabis industry and return its profits to the people of Ontario. Our mission is to enable a vibrant cannabis marketplace through great customer experiences, rooted in selection, service and quality. For more information, visit OCS.ca and follow us on Facebook, Instagram and LinkedIn
Legal Recreational Cannabis
Under Health Canada’s regulations, licensed producers must have all products tested for harmful and banned substances, and each regulated product requires a Certificate of Analysis (COA) and a Statement of Attestation (SOA) traceable to the product lot number. These regulations also require legal cannabis products be sold in child-resistant packaging and to be packaged in ways that do not appeal to children and youth.
OCS Communications, email@example.com