Thank you, Mr. Speaker. Mr. Speaker, later this year cannabis will become legal in Canada. A lot of Canadians think it is about time. People have been smoking cannabis for years. Its impacts are minor compared to things like alcohol, and medicinal marijuana has been legal for some time now. For others, it is dangerous ground with potential risks for young people, public safety, health impacts, impaired driving. All of these concerns are important to carefully consider.
Canada will be the first G20 nation to legalize and regulate cannabis at the national level. How should it be regulated and managed? How do we make sure it is safe? How do we best take advantage of its economic potentials?
That potential is enormous, and that is the piece I want to talk about. It is estimated that, in BC alone, the illicit cannabis industry is worth $5 billion a year. After legalization, that kind of money will be available to be channelled into the public sphere, where it can help fund regulation, research, education, medical applications, and economic development. Because it is an entirely new system, when we design our regulatory system we must remember our mandate goals, in particular, our commitment to diversifying the economy. Some northern entrepreneurs have already made their case. They want to get into the cannabis business and are prepared to work with the government as partners moving forward. There are plenty of provincial models we can look to for examples of private retailing.
In Vancouver, over the past year, newly designed dispensaries are providing an enhanced customer service shopping experience for sales of cannabis products. They offer professional sales, expert-level product knowledge, and effective products. Even Nunavut is considering some level of private enterprise participation. They recognize that, with public oversight, there is potential for private sector benefits and efficiencies in the marketing of cannabis.
Mr. Speaker, it is important that, from the outset, our management regime should commit to the spreading of the wealth, permitting and encouraging private sector participation in this new industry. Private sector participation will not compromise responsible public oversight. I fear if we say, "well, we will do it later," then when later comes, consumers will be buying elsewhere and the prospect will be lost. Mr. Speaker, now is the time to make sure that we don't allow a valuable opportunity for economic growth and diversification to pass us by.
Mr. Speaker, I will have questions for the Minister of Finance at the appropriate time. Thank you, Mr. Speaker.