September 21, 2018 4:55 pm

Legal pot sales could reach $1 billion between October and December: StatCan

FILE - Alberta is poised to see cannabis as a major industry an opportunity for economic diversification.

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Statistics Canada forecasts Canadians could spend more than $1 billion on legal cannabis between October and December this year once marijuana for adult use is legalized on Oct. 17.

READ MORE: Will your cannabis credit card purchases be visible to U.S. border officials? (Some might, some won’t.)

The agency estimates that the amount spent on legal pot during the fourth quarter could range between $816 million and $1.02 billion.

It added that purchases of illicit cannabis during the same period could be between $254 million and $317 million, or 24 per cent of the total market.

Statistics Canada estimates there will be 5.4 million people who want to purchase legal cannabis in the fourth quarter.

WATCH: Cannabis connections may hurt Canadians at U.S. border

Still, the agency estimates that 1.7 million will likely continue to buy illegal pot during the three-month period.

The estimates were derived using census population data and statistics from the quarterly National Cannabis Survey, an online questionnaire.

© 2018 The Canadian Press

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