Switzerland Witnesses Huge Cannabis Demand
Marijuana Industry NewsUncategorized June 19, 2019 MJ Shareholders
The legalization of marijuana in many parts of the world has been responsible for the creation of one of the fastest growing industries in the world. The latest report from the Swiss government regarding its tax revenue due to legal marijuana sales for 2018 was published recently. The report shows that the demand for legal cannabis in Switzerland rose to new highs. It should be noted that Switzerland had legalized the sale of cannabis with a THC content of no more than 1% back in 2011 and since then the pot industry has grown consistently.
$15 Million In Taxes
One of the most startling figures from the report is the $15 million in taxes that were collected by the Swiss government from legal sales last year. It points to a massive explosion of demand since the taxes collected through legal cannabis sales stood at only $400,000 back in 2015. Marijuana business in Switzerland has been huge and the report from the government states that CBD sales have risen by a whopping 3675%. In addition to that, the number of marijuana manufacturers who supplied to the market stood at only 5, but now stands at 672. It is an amazing increase and goes to show the soaring demand for legally sold cannabis in the country. Additionally, the report stated that the volume of cannabis flower that was taxed by the government stood at 6,200 kilos. This figure is only going to increase significantly in the years to come. Thanks to these strong increases, more marijuana companies will be interested in opening up shop.
The bulk of the customers are classified as ‘young adults’ and according to Addiction Switzerland, they used to purchase their cannabis from the black market. However, a regulated market and the presence of low THC cannabis have shifted them to the legal market. Moreover, it is also important to note that Switzerland is one of the most affluent countries in the world. It currently stands as the 9th richest country in terms of GDP per capita. Hence, the potential for further growth is significant.
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