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June 07, 2018, Canada
Legalization of cannabis is the most animated development this year in Canada. The country is going to put into effect blanket legalization of the strain this year. Provincial governments are busy in formulating their own rules and regulations for legalized marijuana operations.
Amid this entire buzz, different surveys are also being conducted to forecast the future of cannabis market in the country. A consumer research company has conducted a survey among weed smoking Canadians. They were asked whether they would turn to the legal market to buy their stuff. Majority of the respondents (63 percent) answered the question in the affirmative. The concluding remarks of the survey report say that legalization will impact the Canadian economy positively.
Cannabis Legalization in Canada is Also Significant for Global Market
is the only member of G7 where all forms of cannabis are going to be legalized very soon. In simple words, G7 countries are considered economic superpowers and leaders of the world. Experts are of the belief that cannabis legalization will eventually facilitate an international boom of the strain.
Initial estimates also suggest that the first full year of legalization will result in marijuana sales (both recreational and medical) of more than five billion Canadian dollars. The legalization will also support the economics of both government and private sector by creating more jobs and adding new revenues respectively.
Good Retailing Practices Will be Needed
Experts think that more people would resort to legal operations instead of the black market if cannabis retailers establish good business practices like any other retail venture. For instance, helpful staff, the range of different products, reasonable pricing will be important in attracting more consumers to legal offline and online cannabis stores.
In short, if cannabis businesses provide good customer experience, then they will succeed in defecting more consumers from the black market.
Price Will be a Big Concern
Economic experts have already indicated that prices will play important role in deciding the fate of black market. It is given that legal cannabis products will be expensive than the stuff available on the streets. Involvements of various stakeholders in the making of final cannabis product and government levies are factors that will increase the cost of legal cannabis products.
The survey has also found out that people are willing to pay up to nine Canadian dollars for a gram of legally available cannabis. It is worth noting that it is available in eight dollars per gram in the black market. Experts suggest that good quality of the product and better customer service will persuade consumers to pay more for legalized items.
The survey has also pointed towards an interesting future trend. According to the regular cannabis users participated in the survey, they would spend more on pot after legalization. In numbers, they would spend22 percent more on cannabis shopping.
Meanwhile, infrequent cannabis users will become valued customers of legalized cannabis business because they will significantly increase their pot expenses post-legalization. So, all things considered, cannabis legalization is a good economical deal for Canada.