Not only are researchers in Canada at the forefront of cannabis research today, but the cannabis market in Canada also continues to grow significantly.
Last year we saw that millions of people turned to use more cannabis when the pandemic hit. Adult-use sales in Canada grew significantly and topped $2 billion in 2020, that’s up from around $1.2 billion in 2019.
They are still expected to continue growing steady, with adult-use sales in Canada possibly growing another 60% by the end of this year.
Cannabis in Canada is Booming
There are a growing number of retail options available today in the market in Canada. It might have been a difficult and messy start, with many old dispensaries being forced to close, but several others have now sprung up to fill that void.
Those old dispensaries though and sellers that had been operating in the grey market had been doing it for years, some decades, before legalization came through formally on a federal level.
Those cannabis retail shops had been supplying medicinal cannabis products to cannabis patients in the country, and the market looks a little different now several years after legalization has come through.
At first when cannabis legalization was accepted, it wasn’t clear how diverse the market would get as far as products but today customers can find a growing variety of cannabis products to choose from on the menu.
Today on the market in Canada for cannabis products you can find cannabis flower, pre-rolled joints, vapes, oils, topical creams, oral sprays, capsules, bath bombs, drinks, chocolate, gummies that are both THC edibles and CBD edibles, or both together, and much more.
The CBD market is also a fast growing market in Canada as well, with millions of people spending hundreds of dollars on a regular basis for their CBD products.
It has been estimated that the CBD market in Canada might be worth almost $2 billion.
The CBD market plays a significant role in fueling the overall success of the cannabis industry and also works as an entry point for many people to become familiarized with cannabis and what it offers, which is products like CBD and others.
The largest cannabis markets in Canada right now are found in B.C., Alberta, Quebec, and Ontario.
Still, there are millions of dollars in cannabis sales taking place in other provinces too like Nova Scotia, PEI, Manitoba, and Saskatchewan.
CBD gummies are one of the most popular items in the CBD market right now and the same goes for cannabis as well, THC gummies are one of the most popular items. The edibles offer users a more discrete option for taking cannabis, that doesn’t cause an odor and might taste better than consuming cannabis in another way such as with oils or flower options.
The market for CBD gummies in Canada is estimated to be worth hundreds of millions.
Canada has increased the access to cannabis retail locations in the last few years since legalization has taken place and they are also increasing their variety of products too.
One thing they could still work on is price though, offering more affordable options to patients to be able to get what they need. Though things are getting better slowly on that front.
As well, there are certain medicinal suppliers who offer discounts already for low income patients, veterans, seniors, and there are other opportunities to find cannabis discounts as well if you look for them.
As the cannabis market in Canada has worked on those prices it’s reported that they’ve seen more customer conversion from the illicit market, people just want a good product at a good price and they will go where they can find it.
The products are continually becoming diversified in Canada and that is great news for cannabis customers who want more options.
Cannabis in one way or another is working its way into many different product spaces, with CBD especially coming into areas like cosmetics and self-care products like shampoo and conditioner.
You might be surprised at where you find CBD will end up in the market and what it might be used in.
Along with that popular CBD trend though you also have the increased risk of finding low quality CBD items in the market. Product quality matters and it’s important to find trustworthy retailers when looking to secure those quality CBD products.
Overall we see that the cannabis market in Canada is experiencing some tremendous growth, especially since the pandemic hit and sales surged. They are still going strong today and will likely finish this year with steady growth. The CBD food market especially is one area that could end up bringing in a significant economic recovery opportunity and this potential is increasingly becoming recognized today.
We might have already seen the cannabis market mature and generate great sales and success, but there is a lot more yet to come. In some ways the cannabis market is still just getting started in Canada and could improve in many ways in the years to come.