Cannabis in Canada: 2020 reflections and 2021 predictions

Growth op

Canada celebrated the second anniversary of cannabis legalization this past October, and with it, the growing sophistication of the industry’s producers and its consumers. With any emerging industry comes the need for flexibility and adaptability — and this was needed even more so with the unexpected arrival of the COVID-19 pandemic in March. Three interesting things cannabis research showed us in 2020 A third of Canadians with cancer saying yes to cannabis: Alberta study Year in Review: Canada’s changing relationship with psychedelic medicine Industry players were required to stay lean, nimble and responsive to fluctuating economic conditions and rapidly changing demands. We were reminded that Canada’s cannabis industry is still in the early days of legalization, and that growing pains are still very apparent. In 2020, we saw many cannabis companies continue to scale back their operations in an effort to achieve profitability. With fewer companies investing in the space, the industry was forced to zero in on organic growth, establishing creative partnerships along the way in order to advance operations. A greater emphasis was placed on the value of building long-term relationships and, subsequently, maintaining them. Further to that, what my team at Motif Labs and I discovered is that the most effective way to stand out in a crowded and competitive marketplace was this: be trustworthy and transparent, and have unparalleled commitment to quality and customer service. Or put more succinctly, underpromise and overdeliver. In 2020, recreational cannabis users continued to become increasingly sophisticated. Alongside their deepened knowledge of the industry came greater scrutiny for the way in which cannabis producers, retailers and brands operated, as well as stronger demand for higher quality products in both flower and Cannabis 2.0 product categories. This spotlighted the need for cannabis companies to conduct more thorough market research and more stringent…

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Source : Cannabis in Canada: 2020 reflections and 2021 predictions

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