New Frontier Data, the authority in data, analytics and business intelligence for the global cannabis industry, releases The Canada Cannabis Report: 2019 Industry Outlook. The report examines the Canadian cannabis market, including sales, consumer preferences, investments, jobs and more, following one year of federally legalized adult-use. The report also details future trends as retailers legally expand product sales to include vapes, edibles and beverages alongside the already-offered flowers, oils, plants and seeds.
“After one year of legalized adult-use, Canada’s cannabis market has established its roots and is primed for rapid growth after a delayed launch, poor supply and limited retail access suffocated early sales,” said Giadha Aguirre de Carcer, Founder and CEO of New Frontier Data. “For Canada, now is the dawn of Cannabis 2.0, where expanded retail offerings will draw more illicit market buyers into the legal fold, creating jobs and increased tax revenues.”
Key findings from the report include:
- Between 2019 and 2024, the legal adult-use market will grow at a 22.5 per cent CAGR to reach over CAD $5.2 billion
- Canada’s illicit cannabis market remains robust, with Q2 2019 spending equal to CAD $918M, or 60 per cent of the overall market, but by 2024 it will decline to 14 per cent of the overall market
- The total active cultivation area has grown 300 per cent since pre-legalization to reach 17.2 million square feet in July 2019
- By 2024, there will be in excess of 75,000 direct and indirect jobs associated with the Canadian cannabis industry
To download The Canada Cannabis Report: 2019 Industry Outlook visit: www.newfrontierdata.com/Canada2019
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