Report: Legal Cannabis Sales In Canada To Near $2B This Year

New Frontier Data released its "Canada Cannabis Report: 2019 Industry Outlook," which coincides with the one-year anniversary of the country’s Cannabis Act.

The report focuses on how the market has evolved in the previous 12 months estimating that legal cannabis demand in Canada will reach CA$2.5 billion (USD $1.9 billion) in 2019. The firm expects sales to grow at a 18.2% compound annual growth rate (CAGR) through 2024.

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New Frontier Data estimates there are currently 1.5 million active legal market participants, compared to 4.1 million consumers in the illicit market.

“After one year of legalized adult-use, and despite a delayed launch, poor supply and stifled sales due to limited retail access, Canada’s cannabis market is now primed for a rapid and solid growth,” said Giadha Aguirre de Carcer, Founder and CEO of New Frontier Data. “We expect that Canada’s expanded product lines will draw more illicit market buyers into the legal fold, creating more jobs and ultimately increasing tax revenues for country.”

Photo by Javier Hasse. Metal work by Caos y Fortuna.