A remarkable increase in the regulated sales of Cannabis is evident in Canada since its legalization in the year 2018.
Statistics have it that monthly sales have already hit the $100 million mark. The recreational cannabis sector has sold over $ 600 million cannabis worth, while sales for medicinal use have tripled in the past seven years bringing in good revenue.
The success of the cannabis industry has influenced some investors and entrepreneurs to indulge in it. The economic state of Canada owes some of its growth to the high amount of cannabis produce and consumption to its users who are in and out of the state.
The rate at which a new commodity is received in any given country is always extremely high and with time it gradually loses its value. This is common in business hence it calls for fresh ideas and added services to maintain the flow of returns we receive.
In the Cannabis industry, we have the ‘green rush’ which can be likened to the fight for meat amongst the predators. Everybody wants a piece of the pie. We witnessed the instant growth of the Cannabis market in Canada after its legalization. The prices were friendly and, many consumers would visit the dispensaries to get the drug.
After one year, the Cannabis business experienced a bubble burst. Some of the marijuana users renewed their loyalty to their black market sellers reason being that what they received from them was better and readily available in comparison to what they received from the dispensaries.
The vision the government had, regarding the growth of sales and earnings was dimmed because of the fluctuations in wholesale prices and, the presence of the black market sellers. Besides, some provincial laws have hardened the possibility of consumers to get the product.
In hospitals, it was not easy to convince some of the patients that cannabis can be used for medicinal purposes. Others were fearful that if they had just a little of the drug in their system, it could create a thirst for more of it leading to its abuse.
However, all is not lost. The government said that despite the growing pains that they have been exposed to, they are grateful to have made it legal. It took them over twenty-five years to make it happen and, as much as they still have a lot to work on, they are glad they managed to be among the first countries to make that move.
The government has to make more effort to reduce the percentage of those who have clang to illegal cannabis. It will further the success of the Canadian government and establish good connections with the outsiders who are more than willing to cooperate in increasing the growth of sales.
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