Canadian Pot Revenue and Job Market Skyrocket Since Legalization
According to the latest Statistics Canada report, employment in the Canadian cannabis industry has increased up to 400 percent compared to data in the last year. Also, the number of companies in the trade has doubled. The data in the report says that there are 9,200 people currently working in the cannabis sector, compared to 2018’s 2,630 and 2017’s 1,438. On the other hand, the number of cannabis enterprises has risen from 37 in 2017, 83 in 2018, and 175 at present. These numbers describe the profile of federally-licensed cannabis suppliers, including their inventory, sales, employment, and other financial measurements from 2017 to 2019. These results were not really surprising because when the legalization of recreational cannabis came in, companies committed to a hiring spree so that they can meet the worldwide demand for cannabis-related products. As of April this year, Canada’s total assets in the cannabis sector has reached 4.2 million dollars, which is almost double what they had in 2018, 2.5 million dollars. It is also an impressive leap from the 704 million dollars they earned in the fiscal year 2017. Alongside their assets, investment spending also increased quickly, from $46 million in 2017 to $233 million in 2018. Also, 46 metric tonnes of cannabis was sold in 2018 with 39 metric tonnes of inventory as the year ended, according to the nation’s statistics agency. When talking about business expenses, about 29 percent come from salaries, wages, and employee benefits. Another 25 percent is used for buying the raw materials. Some other costs are energy, professional fees, business fees, and marketing fees. Additionally, about 60 percent of the people employed in the cannabis industry worked on cultivation, processing, harvesting, manufacturing, and management. Also, 20 percent more were seen to work in marketing, packaging, shipping, and sales activities. The remaining percentage works on security, product research, engineering, quality assurance, and general maintenance.