Cannabis: A Key Player in Canada's Economic Stability During Global Downturn
The global economy is facing an unprecedented downturn due to the COVID-19 pandemic, and Canada is no exception. With the loss of jobs and businesses, the Canadian economy has experienced a downward spiral in recent months. But, there is one sector that is providing a lifeline to the Canadian economy - the cannabis industry.
The legal cannabis industry in Canada has seen an impressive growth over the past few years, with sales increasing by 18% year over year, according to Statistics Canada. In 2019, the legal cannabis industry had a total revenue of $5.5 billion. This number is expected to double by 2024, with an estimated revenue of $12.7 billion.Not only is the cannabis industry providing economic stability, but it is also creating jobs. Statistics Canada estimates that the legal cannabis industry currently employs over 30,000 people in Canada, with an additional 100,000 workers estimated to join the industry by 2024.Moreover, the cannabis industry is providing a much-needed boost to the Canadian economy by bringing in foreign investment. In 2019, the legal cannabis industry attracted over $1.6 billion in foreign investment, a significant increase from 2018 ($924 million) and 2017 ($444 million).
The potential of the cannabis industry is further highlighted by the fact that it is one of the few sectors that is expected to remain relatively unscathed during the global economic downturn. In fact, many experts are predicting that the legal cannabis industry will continue to grow in the near future, providing much-needed economic stability to Canada.Cannabis has already proven to be a key player in the Canadian economy, and it will continue to play an important role in providing economic stability during the global economic downturn. With the increase in sales, jobs, and foreign investment, the legal cannabis industry may be the key to Canada's economic recovery.