Canadian Cannabis Market
Posted on 15 November, 2022 by Micheal Alexander
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. Cannabis Cultivation Business
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.
Canadian Statistics
Canadian cannabis market has been steadily growing prior to the legalization of recreational cannabis. 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 $224 million on cannabis in the second 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, $3,922 million in 2021 and seven months of 2022 brought in over $2,500 million according to Statistics Canada. Cannabis testing business
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.