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One Year Anniversary Of Canada's Cannabis Adult-Use Legalization: Illicit Consumption To Decline To 14% Of Total Market By 2024

October 28, 2019 10:21 am
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One Year Anniversary Of Canada's Cannabis Adult-Use Legalization: Illicit Consumption To Decline To 14% Of Total Market By 2024

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% 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% of the overall market, but by 2024 it will decline to 14% of the overall market
  • The total active cultivation area has grown 300% 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: http://newfrontierdata.com/Canada2019

 

About New Frontier Data:

New Frontier Data is an independent, technology-driven analytics company specializing in the cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators, researchers and policymakers. New Frontier Data's reports and data have been cited in over 80 countries around the world to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with additional offices in Denver, CO, and London, U.K.

New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry worldwide. For more information about New Frontier Data, please visit: http://www.NewFrontierData.com.

####

Media Contact:

Caroline Kowalski

media@NewFrontierData.com

1-844-420-3882 ext. 3

The post One Year Anniversary Of Canada's Cannabis Adult-Use Legalization: Illicit Consumption To Decline To 14% Of Total Market By 2024 appeared first on New Frontier Data.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Image by 7raysmarketing from Pixabay

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Cannabis Markets

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