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Uber Enters Canada's Cannabis Mega Business

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Photo: DR | ADVFN News

Uber Technologies Inc. (UBER.N) announced that it will make the cannabis delivery service available to users of its Uber Eats app who live in Ontario, Canada. This announcement marks Uber's foray into the burgeoning cannabis market, a company spokesperson told Reuters.

Uber, which already delivers alcoholic beverages through the Uber Eats app, has been eyeing the growing cannabis market for some time. CEO Dara Khosrowshahi told the Press in April that the company would consider distributing cannabis when legal in the United States.

With more than three years of adult cannabis legalization in Canada, this seems like the right time for Uber Eats to enter the market, as illegal growers still control a large portion of total annual sales.

“The partnership will help Canadian adults buy legal and safe cannabis, helping to fight the illegal market underground, which still accounts for more than 40% of all non-medical cannabis sales nationwide," Uber said on Monday.

Cannabis sales in Canada are expected to reach $4 billion in 2021 and are expected to grow to $6,7 billion in 2026, according to data from industry research firm BDS Analytics.

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