Even though the growth of the cannabis industry in Canada has slowed down over the year, the industry is still showing that it is expected to reach $3.16B in sales in 2020. The forecast for 2019 was $1.46B. This indicates that even though the shine of legalization is beginning to wear off, the business is still growing, not slowing down.
A major reason for the continued growth is that there were only limited products available a year ago. The legalization is still new, which means that the market, so far, has been limited to production lines or certain strands of cannabis. New strains are expected to be released next year as well. But as the capacity for production increases, new products are rolled out, and more trust is given to the industry, the market will continue to boom in response.
Another factor in the growth of the market is that there were excellent crop yields due to the pleasing summer weather. Add that to the new store openings and new production lines starting up, and we will continue to see the industry's growth to meet the needs as they pop up.2 months ago