Cannabis - Canada

Canada

The revenue in the Cannabis market in Canada is projected to reach US$5.63bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 3.17%, resulting in a market volume of US$6.58bn by 2029.
When compared globally, the United States is predicted to generate the most revenue (US$42.98bn in 2024).
In relation to the total population figures, per person revenues of US$0.44k are generated in Canada in 2024.
Canada's cannabis market continues to evolve, with regulatory changes shaping investment opportunities in cannabis derivatives.

Key regions: United States, Canada, Netherlands, Germany, Thailand

Market

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Currency

Analyst Opinion

Canada has emerged as a key player in the global Cannabis market, with a unique set of customer preferences, market trends, and local special circumstances driving its development.

Customer preferences: Canadian consumers have shown a growing preference for a wide range of Cannabis products, including dried flowers, oils, capsules, and edibles. This diversification in product preferences has been fueled by an increasing acceptance of Cannabis for both recreational and medicinal purposes. Additionally, customers in Canada are placing a strong emphasis on product quality, safety, and transparency in labeling.

Trends in the market: One of the prominent trends in the Canadian Cannabis market is the rapid expansion of retail outlets, both physical stores and online platforms, providing customers with a variety of options to purchase Cannabis products. Moreover, there is a noticeable shift towards premium and organic Cannabis products, reflecting a more sophisticated consumer base. The market is also witnessing a rise in collaborations between Cannabis companies and mainstream retailers, further normalizing the purchase and consumption of Cannabis products.

Local special circumstances: Canada's Cannabis market is heavily influenced by its regulatory environment, with the country legalizing Cannabis for recreational use in 2018. This regulatory framework has paved the way for a well-established industry with stringent quality control measures and a focus on research and development. Additionally, the presence of a robust medical Cannabis program has contributed to a culture of Cannabis acceptance and innovation in the country.

Underlying macroeconomic factors: The growth of the Cannabis market in Canada is also supported by favorable macroeconomic conditions, including a stable economy, high disposable income levels, and a well-developed infrastructure for Cannabis cultivation and distribution. Furthermore, the country's progressive stance on Cannabis legalization has attracted significant investment from both domestic and international players, driving further market expansion and innovation.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.