Since the legalization of cannabis in Canada, there has been immense interest amongst both multinational corporations and new entrepreneurs to tap into a booming recreational market. Legal recreational cannabis sales amounted to $2.6 billion across Canada in 2020, up a staggering 120% from $1.2 billion in 2019. Ontario accounts for more than a quarter of the sales nationwide, with a total of $717.4 million sold legally in 2020 – up more than 150% from 2019. Due, in part, to aggressive programs by federal and municipal police forces to shut down illicit dispensaries, Statistics Canada estimated that legal sales of recreational cannabis exceeded that of the illicit market for the first time in the second half of 2020. The overall size of the Canadian cannabis market is expected to exceed $8.7 billion by 2026.
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