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Globe says Hexo, rivals hear weed spending same as wine

2019-06-24 07:39 ET - In the News

See In the News (C-HEXO) Hexo Corp

The Globe and Mail reports in its Saturday edition that the cannabis industry has become a major part of Canada's economy. The Globe's guest columnists Bill Howatt and Matthew Stewart write that the first batch of economic information released since recreational use was legalized shows that more Canadians are consuming weed and the industry is ripe for growth. According to the latest data from Statistics Canada, almost 18 per cent of Canadians older than 15 used pot in the first few months of 2019. This is up from 14 per cent before legalization. Men are the biggest consumers, with 22 per cent reporting consuming the herb -- nearly double the share of women (13 per cent). Consumption is also higher among younger Canadians. Among young people (aged 15 to 24), 30 per cent reported consuming pot. The share drops to 24 per cent for those 25 to 44 and then declines significantly for those older than 45. Given that more Canadians are consuming cannabis, it is not surprising that spending has also risen substantially. Canadians now spend as much on weed as on wine. Canadians spent almost $2-billion on non-medical cannabis in the first quarter of 2019, putting sales on track to top estimates of $7-billion this year.

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