The growth of the legal cannabis industry is expected to spike in the wake of upcoming regulatory events in the US and Canada, providing huge opportunities for insurers, according to a report by Actuarial Post. Sales of legal cannabis are projected to grow up to tenfold, reaching US$40 billion a year in the US by 2025 and around US$5 billion in Canada within five years.
Recreational cannabis in dried or plant form was legalized in Canada on October 17, 2018. On Thursday, a second wave of cannabis legalization, called Cannabis 2.0, took effect in Canada. Cannabis 2.0 legalized cannabis edibles, extracts and topicals.
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