Toronto, Oct 24, 2020 – iPot Cannabis announced today that it is expected to open its first authorized cannabis retail store. The store will open under the company’s iconic brand of iPot Cannabis, an Ontario cannabis retailer.
Founded in 2019 by marijuana activist Max Kay, it is located in Toronto’s trendy Queen Street East. iPot cannabis will open as a newly renovated legal cannabis retailer. iPot remains focused on celebrating the pride of cannabis, providing an authentic cannabis shopping experience, and staying true to the backbone of its loyal Queen Queen East cannabis community.
Canada’s entire cannabis market, including medical and recreational cannabis retailer and product lines, is expected to generate up to 7 billion Canadian dollars in sales by 2020, of which the legal recreational market is 2 to 4 billion Canadian dollars. Medical marijuana is expected to generate another 700 million to 1.7 billion U.S. dollars in sales, while the illegal market will further bring in 500 million to 1.3 billion U.S. dollars in revenue.
The cannabis retailer market is expected to have a significant impact on the Canadian economy as a whole. A study by Deloitte Private pointed out that the potential economic impact of legalized recreational marijuana in Canada exceeds 22 billion Canadian dollars, including transportation, licensing fees and security.
According to CIBC analysts, the investment banking subsidiary of Imperial Bank of Canada stated that the retail value of the adult cannabis use market will reach $2.5 billion in 2020 and $4.1 billion by 2021.
Ontario is the first province to open to the outside world. The province plans to develop a detailed plan for the sale and distribution of recreational marijuana after Ottawa legalizes it next summer. The province has formulated a detailed plan for the sales and distribution of recreational cannabis and cannabis retailer.
iPot Cannabis sells through the Ontario Cannabis Store (OCS), which does not have any storefronts, but provides an online channel that includes an age verification system to ensure the safe delivery of cannabis products to homes. OCS also acts as a wholesale supplier to private cannabis retailer.
Through continuous competitive product calls, iPot Cannabis continues to work closely with licensed manufacturers, accessory suppliers, and cannabis retailers to ensure that the store has sufficient supply and a wide range of cannabis products to choose from to meet Ontario consumption needs.