The cannabis market in Canada is now the world’s largest. As more states legalize recreational marijuana use, Canadian marijuana companies are gaining market share. Once a hot stock, marijuana companies are now worth billions less than they were before. One measure of the cannabis industry’s value, the North American Marijuana Index, has fallen more than 80% in the last year and is currently at its lowest point since 2016. The biggest cannabis firm, Canopy Growth, has fallen by nearly 50% in the past year, bringing its value to its lowest level since before the dotcom bubble.

The Canadian government has been trying to convince voters that legalizing marijuana was the right choice. In fact, Justin Trudeau and his party were able to persuade many voters by telling their high cbd seeds own family story, about how their brother died in an avalanche in 1998. During his campaign, he promised that legalization would keep all Canadians out of jail and off the criminal records.

The Canadian government’s national approach to marijuana has facilitated industry banking and inter-provincial shipments of marijuana. It also paved the way for billions of dollars in investment. Although there are now nine US states that have legalized marijuana for recreational use and more than 30 that have approved its use for medical purposes, California is still the largest market. Recently, Democratic Sen. Ron Wyden called for the US government to follow Canada’s lead.

While the legal marijuana industry is still a relatively young one, Canada’s contribution to the country’s gross domestic product is far larger than other sectors, such as mining and the media. It’s also an important sector for the manufacturing of wood products, apparel, and autos. And while it’s small, the illicit market accounts for 39 percent of the market today – down from 90 percent when legalization began. Key policymakers, however, are embarrassed to highlight the progress in the legal marijuana market.

The global market for legal marijuana will surpass $13.6 billion in 2020, according to Grand View Research, a market research firm. The industry is expected to grow at a 26.7% CAGR over the next decade. This growth will be driven by increased legalization in the U.S. for both adult and medical use. A number of prominent organizations are lobbying for drug reform in every state. Despite the legalization of cannabis in Canada, it remains illegal in the United States.

The Canadian cannabis market is a booming industry. After Ottawa legalized the use of marijuana in October 2018, the country has become a market for cannabis. Since then, Canadian cannabis companies have been angling for a piece of the U.S. market, and they must move fast to take advantage of the early legalization buzz. If the legalization of marijuana in Canada continues at this pace, it could become the world’s largest legal marijuana market.

After the legalization of cannabis, Ontario had many challenges. Its regulations and licensing process prevented many retailers from opening brick-and-mortar stores. The Ontario Cannibis Store website was overwhelmed due to the unprecedented demand for cannabis products, creating delays and problems for consumers. Meanwhile, a shortage of point-of-sale locations has made it difficult for some cannabis retailers to stay profitable. Nevertheless, despite these challenges, Ontario has become the world’s largest legal cannabis marketplace, with more than 1,000 licensed stores.

Although Uruguay were the first to legalize recreational marijuana, Canada is now working towards full legalization of the drug. The Trudeau government has been working towards legalizing marijuana in all provinces and bringing are speaking black market operators into a regulated system. A marijuana store in St. John, New Brunswick, had hundreds of customers by midnight on a recent night. Some customers lit up on the sidewalk, and motorists honked in support.