Canada is Considering the Legalization of Pot
A recent study by the Canadian Deloitte firm, estimates the legalization of recreational marijuana could add an additional $22.6 billion dollars each year to the government revenues. They estimate that the lowest initial income would equal the amount of hard liquor sales of $5 billion annually with the possibility of reaching as much as $8.7 billion.
Deloitte reported that the actual monetary value depends on the types of regulation placed on the drug and the price standards which are set. These are decisions to be made by the federal Liberals next spring.
Knowing the profits involved in the sale of marijuana several members of the pharmaceutical industry are presently lobbying to become a part of the legalization. One such business, Shoppers Drug Mart has stated that it has applied to be a medical marijuana distributor. Most likely this is preceding a future expansion into recreational marijuana.
While conducting their study, Deloitte included 5,000 Canadians during the last summer. They determined that 22 per cent of the Canadian population occasionally spoke the herb while seven per cent reported they smoke marijuana daily. The study also concluded that 40 percent of those participating in the study favor the legalization while 36 per cent opposed. The report also offered a comparison to show what a big money-maker sales could be. The report used the state of Colorado, where the herb was legalized in 2012. The state, one-seventh the size of Canada brought in a revenue of $52 million during the last fiscal year.
The report also suggested that Canada not follow the same procedures as Colorado. The state took a very liberal approach which allowed for small businesses to sale marijuana and related products. Instead they recommend that Canada approach the marijuana issue in terms of controlling it so that it does not get out of hand.