Organigram Global Inc (TSE: OGI) (NASDAQ: OGI) (FRA: 0OG) dropped an informative report highlighting Canadian cannabis industry statistics this week. It was completed in partnership with the Canadian Chamber of Commerce’s Business Data Lab.
Most significantly, the analysis determined that cannabis contributed C$16 billion to Canada’s gross domestic product throughout 2024. The industry supported 227,000 jobs for citizens during the year and generated nearly C$19 billion in total economic output, it highlighted.
Ontario, British Columbia and Quebec have the most job positions in the industry, respectively. They account for 82 per cent of the GDP impact and generated over 68 per cent of the 2024 GDP total, as specified in the report.
Nonetheless, Prince Edward Island outperforms all provinces when it comes to retail, according to the assessment. Its “island impact” enables PEI to return C$1.37 of GDP per dollar of output.
“To put its economic weight in perspective, cannabis’s direct GDP contribution of C$8.4 billion in 2024 exceeds that of forestry and logging [C$3.4 billion], breweries [$2.6 billion], and wineries and distilleries [$975 million],” Organigram explained.
Canada’s regulated marijuana market has been steadily overtaking the illicit sector since legalization. This growth, highlighted in another recent investigation, has made the industry’s GDP impact become immense. More than three quarters of citizens are obtaining their merchandise from licensed sources.
Since legalization in late 2018, the sector has provided approximately C$43 billion to the country’s GDP, Organigram CEO Beena Goldenberg recently pointed out. Another report released by Deloitte and the Ontario Cannabis Store last month estimated that GDP contributed by Canada’s marijuana sect was even higher at approximately C$76.5 billion.
Aside from Organigram, Canada has become home to a plethora of licensed producers with sizeable stakes in the sector. Tilray Brands Inc (TSE: TLRY) (NASDAQ: TLRY) (FRA: 2HQ), Canopy Growth Corp (TSE: WEED) (NASDAQ: CGC) (FRA: 11L), Aurora Cannabis Inc. (TSE: ACB) (NASDAQ: ACB) (FRA: 21P), High Tide Inc. (CVE: HITI) (NASDAQ: HITI) (FRA: 2LYA) and Village Farms International Inc (NASDAQ: VFF) (FRA: 02V) are a handful of industry leaders.
Goods from these companies are in high demand internationally, enabling significant cash flow generation from exports to nations like Australia, Israel and Germany.
Credit: Organigram Global; Canadian Chamber of Commerce
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