Cannabis Business Canada

 

The North America legal cannabis market amounted to about $30 billion in 2021, growing by almost 50 percent on the year. The largest market was the United States, which totaled almost $25 billion. It was followed by Canada with over $4 billion.

Analysts predict the overall cannabis market for legal adult-use and medical sales in North America to reach $37 billion in 2022 with the compound annual growth rate (CAGR) to over 20% as more states legalize cannabis for recreational use and existing markets mature and will grow to $46.5 billion five years later based on the Arcview Market Research report. Cannabis Business Canada

Canadian Statistics

Canadian cannabis market has been steadily growing. The country has seen an average of a 10 percent increase each month in the number of Canadian patients signed up to receive medical cannabis. The sale of dried cannabis has grown steadily at 6 percent a month, and the sale of cannabis oil has been growing by 16 percent a month.

Medical cannabis patients spent $242 million on cannabis in the first half of 2021, down from $294 million in the second half of 2020 and 23% lower than the record $316 million spent in the final six months of 2017, according to MJBizDaily.

The federal government legalized recreational cannabis on October 17th, 2018 and sales at cannabis stores in the first three months after legalization totaled $151.5 million and reached $1,186 million in 2019, $2,625 million in 2020 and twelve months of 2021 brought in over $3,900 million according to Statistics Canada.

Canadian Cannabis Market Forecast

The total cannabis market in Canada is estimated to generate up to $7 billion in sales according to Deloitte’s forecast. The cannabis market is poised to have a major effect overall on Canada’s economy. One study from Deloitte Private pegged the potential economic impact of legalized recreational cannabis in Canada at more than $22 billion, including transportation, licensing fees and security. Cannabis Businessplans Canada

BDS Analytics’ global legal cannabis forecast shows that the growth to be strong, with adult-use spending estimated to reach nearly $4 billion in 2021, driving a CAGR of 26% from 2019-2025 and grow to almost $6.5 billion by 2025.

Cannabis industry analysts predict that Canada’s cannabis industry ultimately would total between $4.9 and $8.7 billion. If the market meets prediction, Canada’s legal cannabis market would be comparable in size to its hard liquor or wine market.

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