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. Photo by Artur Widak/NurPhoto via Getty Images

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.

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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.

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

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

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