Cannabis Flower? No, Thanks: Canadians Shift To Pre-Rolls & Vapes As Market Eyes C$5.47B
The latest equity research report from Pablo Zuanic of Zuanic & Associates highlights key trends in Canada’s cannabis market, noting a deceleration in recreational sales growth.
Data from StatCan reveals that sales for 2Q24 were down 4% year-over-year (YoY), contributing to a 1.3% decline year-to-date (YTD) compared to 14% growth in 1H23. In contrast, Hifyre data shows a 6% YTD growth through August.
If annualized, this growth would project a total recreational market size of C$5.47 billion for calendar year 2024, translating to US$102 per capita.
Get Benzinga’s exclusive analysis and top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you’re serious about the business, you can’t afford to miss out.
Market Share Shifts Among Top Players
Zuanic’s report highlights notable shifts in market share among the top licensed producers (LPs). Tilray (NASDAQ:TLRY), once a dominant player, saw its share drop by 1.5 percentage points to 9.6% in August, continuing its decline over recent quarters. Decibel (TSXV:DB) …