There has been much discussion on the different effects that the legalisation of marijuana in Canada will have on the country as a whole, and while impacts have been noted since marijuana became legalised in Canada in the later part of 2018, the larger picture may not be available for another few years. However, when it comes to issues of the economy, there can be no doubt about whether or not marijuana has benefited the Canadian economy. From a massive increase in the amount of taxes able to be collected by the country through product sales and worker salaries to the increase in tourism and the many ways that this can boost an economy, the legalisation of cannabis in Canada seems to have had a hugely positive effect on the economy of the country. Read on to find out more about how the legalisation of marijuana benefits the economy here in Canada.
How legalisation has affected taxes
Now that marijuana is legal in Canada, there is a huge amount of revenue from the sale of cannabis and cannabis products that the country will be able to collect taxes on. It is estimated that the marijuana market in Canada is worth around $5-8 billion every year. In terms of taxing, the Canadian government has settled on a tax rate of $1 per gram of marijuana or 10% of the price of sale, whichever works out to be the highest. This will give the government around $500 to $800 million in extra taxes every single year.
There is also likely be a significant increase in employment and the taxes associated with this rise in annual taxes, as those who had previously been working illegally selling cannabis products would not have been previously paying any taxes on this income. Overall, the legalisation of marijuana will result in a significant rise in the income of the Canadian government in terms of taxes collected from sales and salaries of employees.
Buying marijuana in-store and online
When it comes to buying and selling marijuana in Canada, the legalisation of the product has opened up many different avenues. With dispensaries popping up making cannabis in all of its forms, from oil to edibles to flowers and everything in between, available to the public, there are now lots of ways that people can buy cannabis in person.
As well as this, there are now several official and certified online shops that can deliver edible marijuana products to consumers. Buying marijuana edibles online and with a canna delivery is now as simple as buying anything else. Long-lasting edibles like gummies, hard candies and chocolate are sought and bought online and delivered right to your door. You can take the time to really determine the dosage or strain you want, not to mention the flavour. Click here to explore the kinds of products you can buy online.
How legalisation has affected the real estate market
It looks like the legalisation of marijuana has also had a great benefit to the real estate market in Canada. This is because the new high demand for the product means has created a new market. This means there is likely to be a higher demand for storehouses and warehouses to store stocks. As well as this, there will likely be an influx of tourists, and tourists will be looking for somewhere to stay while they are in Canada. The result is that there is likely to be a significant increase in the demand for rental housing to house them.
The tourism industry
A country’s tourism has seen some improvements when legalising marijuana also. Canada already has a lot to offer the tourism industry, which the selling of marijuana can contribute to, as an add-on.
A rise in tourism is sure to provide many different benefits to the economy, from the local businesses that will experience an influx, such as hotels, shops and tourist attractions, to the increase in taxes that tourists will bring through spending their money. An increase in tourism is always a great benefit to any economy, which is a very positive element of the legalisation of weed in the country.
Conclusion
From an increase in taxes to a reduction in spending to a boost to the tourism industry, the legalisation of marijuana and marijuana products in Canada appears to have had a hugely beneficial effect on the country and its economy. With an increase in jobs, a lot of new businesses, higher demand for storehouses for products and so much more, the Canadian economy has definitely benefitted from this move.