As Canada prepares to legalize recreational marijuana in the coming months, many are projecting major growth for the industry. But one projection shows cannabis could become even bigger than liquor.

A new report from theĀ Canadian Imperial Bank of Commerce, one of Canada's largest banks, estimates that legal marijuana will be worth $6.5 billion in the country by 2020. In comparison, Canadians spent only $5.1 billion on liquor last year. And considering alcohol sales usually drop in areas with legal marijuana, it's likely the difference between cannabis sales and liquor sales will only widen in the coming years.

The report also predicts that by 2020, 95 percent of customers in the Canadian cannabis industry will be in the recreational market, while only five percent will remain in the medical-only market. They also believe Canadians will consume 800,000 kilograms of cannabis in 2020.

Canada legalizing recreational marijuana is a huge event for the cannabis movement at large, and many will keep their eyes to the North to see how things turn out. A successful launch could lead to more states in America and more countries at large re-think their approach to cannabis.

(h/t Business Insider)