Over the next two weeks, Canada will approve CBD all over again.
A year ago, the country legalized dried cannabis flower, and oils. Now, in just two weeks, they’ll legalize edibles, beverages, and topicals.
Already, analysts at Deloitte believe this will open a considerable amount of opportunity. In fact, they noted the Canadian market for edibles and alternative cannabis products could be worth up to C$2.7 billion annually.
They also believe edibles will account for up to C$1.6 billion of that figure.
“Eleven percent of Canadians already consume cannabis edibles and other alternative products, and 13% of Canadians are expected to buy them, as edibles and other alternative products that offer a more discreet and accessible way to consume cannabis and avoid any stigma surrounding smoking cannabis,” according to Deloitte.
“With almost one in four Canadians consuming or likely to consume cannabis edibles and other alternative cannabis products, legalizing these products should clearly create valuable new growth opportunities for Canada’s cannabis sector. It will also help maintain Canada’s leadership position in an industry where the top cannabis markets globally2 are, by Deloitte’s estimate, worth US$100 billion today— reaching US$194 billion by 2025,” they added.
Cannabis Companies are Preparing for the Boom
Aurora Cannabis announced it was expanding into edibles, vapes, and concentrates in late June 2019. “We’ve entered into the accessory and technology fronts, position us well for this new market launch in December as per Health Canada’s recent regulatory amendments,” said CEO Terry Booth.
Canopy Growth said Cannabis 2.0 would be a major catalyst for the company over the next 12 to 18 months. It’s also increasing its store count in Canada from 460 stores to 600 by early 2020. In addition, the company has plans to launch edibles and vape products.
Even HEXO’s partnership with Molson Coors Brewing will give it exposure to CBD-infused drinks. HEXO is also involved with gummies and premium vapes.
In short, Cannabis 2.0 could open some incredible opportunities.