Now that the legalization of recreational marijuana has been in effect for some time, both Canadian growers and consumers are looking ahead to what’s next for the country’s cannabis industry.
According to a recent report by Deloitte, the Canadian cannabis market, including medical and legal recreational products, is expected to generate up to $7.17 billion in total sales in 2019. The report also finds consumers will buy more frequently and spend more, while current frequent cannabis consumers expect to buy more often than they do today.
The biggest increase in sales, though, is expected to come with another form of legalization – edibles. As CBC reports, businesses are already ramping up their edible production in advance, knowing how popular edibles are for many first time and seasoned cannabis users.
Edible products will be incorporated into Bill C-45 (the Cannabis Act), opening up new opportunities for health foods and supplements, snack foods, packaged meals, restaurants and tourism. In an already hyper-regulated cannabis market, the Canadian government is sorting out labeling issues to avoid any potential health problems.
As recreational cannabis continues to become accepted, more distributors are making their way into the market, including Zenabis Global Inc. Known for selling, educating and growing cannabis, Zenabis will be offering new premium strains to Alberta. The company recently revealed plans to distribute cannabis-infused kombucha across the country.
In Toronto, Len Wong, owner of The Grow Depot, advocates for the organic growing of cannabis, saying it is cleaner and safer for consumption. The Grow Depot provides cannabis-related products best suited for the Canadian grower.
With respect to the production of cannabis, trends indicate plants are moving back outdoors with a focus on sun-grown cannabis as an opportunity to connect licensed producers with agricultural communities.
Another trend to watch for is inside the tourism industry as it continues to grow. In many marijuana-friendly places around Canada, cannabis is already being incorporated into cafes and non-dispensary retail stores. Cannabis retailers are repurposing old buildings like a Hershey’s factory in Smith Falls, Ontario into functional factories with visitor centers and educational tours.
Vice Canada recently profiled the emergent cannabis tourism industry and found everything from nature hikes and massages to fine dining and weddings are being infused with cannabis.
With the total Canadian cannabis market estimated at more than $7 billion, the future is likely going to be bright for the cannabis industry.
