Canadian Cannabis Market: Decoding The Facts and Figures

CANNANNEW REPORT

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…

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