Canadian Cannabis Market: Decoding The Facts and Figures

Editors Note: This is a guest post. 

October 17, 2018, was the day when Canada approved recreational cannabis as per the Canada Act. But it saw a loss in the market value initially and was waiting eagerly for Cannabis 2.0. 

And guess what? The day arrived exactly one year later when Canada saw a second wave of cannabis legalization. This was the time when the country approved the sales of edibles, cannabis extracts, and topicals. And the market started cashing on this move. 

So what happened in the last two years, and what does the future of cannabis in Canada look like? Let’s find out!

Cannabis Sales Doubled in 2020

Quite evidently, Cannabis 2.0 propelled the industry towards growth. But that was not the only reason that led to the rise in popularity. The increased number of brick and mortar and click and collect offerings brought upon by expanding online cannabis space helped boost sales. 

But Cannabis 2.0 isn’t the only reason. Its increased acceptance and incredible therapeutic potential is making people buy weed online canada and propelling the industry to grow exponentially. Besides that, prompt adoption of new and latest methods amidst the pandemic made it an even more accessible and popular product across the country. 

In fact, the market is witnessing impressive growth in adult-use cannabis, with a growth of around 118% in 2020 compared to 60% in the year 2019. The diverse supply chain and the demanding customers are helping the growth of this industry every passing day. 

Enter 2021- What Changed?

The year started with so much promise for the cannabis industry. However, the sales dipped right at the beginning of the year. But as per the March sales figures, it set a record of 298.1 million Canadian dollars, rebounding from the decline that happened during the start of 2021. 

In fact, Canadian retail sales saw an increase of 13.8% in March compared to the last month. That’s looking bright, isn’t it?

What next?

Health Canada started an initiative to know what consumers feel about cannabis. By this, they meant what they think about selling, labeling, and researching cannabis. This feedback is prompting a mild relaxation of rules for packaging as well as possession of infused drinks. 

This consultation will impact the federal framework that will begin around the same time when the country will celebrate its third anniversary of cannabis legalization. Many cannabis experts think that Health Canada might change the equivalency rates for cannabis possession.

Other than that, there might be a change in the cannabis product labels. Currently, labels must display contents related to THC and CBD. But if the consumers want, Health Canada might ask to provide more information regarding the ingredients present in the product. 

The whole idea is to develop transparency in the cannabis market and help consumers find their suitable products easily and comfortably. 

Wrapping up

No one is expecting any sweeping changes this year. But the cannabis leaders want to clarify a few essential questions that are causing a stir in this industry related to advertising and celebrity endorsements. 

 

So, will it happen any time soon? Time will tell! For now, you can enjoy the vast array of cannabis products comfortably at your home, thanks to the incredible delivery services available now.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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