With launch of Retail Sales Tracking, BDSA Provides Comprehensive Suite of Market and Consumer Insights on the Canadian Cannabis Market
BDSA has launched retail sales tracking data for Canada, providing brands and retailers with greater insight into the world’s largest nationally legal cannabis market.
BDSA forecasts Canada’s cannabis industry will reach CAD$3.3 billion ($2.5 billion) in spending in 2020 and grow to CAD$8.1 billion in 2025, rising at a compound annual growth rate of 20%. Canada’s market is divided into the medical and adult-use channels, with the latter commencing sales in October 2018. Consumer spending in the adult-use channel has grown rapidly since launch and is expected to account for nearly 84% of Canada’s total legal cannabis market in 2020.
The late-2019 launch of “Cannabis 2.0” products—including concentrates, edibles and topicals, to name a few—seems to have helped spur growth in adult-use cannabis spending during the first half of 2020 as selection and availability of products grew.
Retail sales tracking in Alberta and British Columbia covers sales through adult-use channel private sector retailers, and reached CAD$524 million year-to-date through August, with monthly sales peaking at nearly CAD$85 million in August.
BDSA will launch tracking in additional Canadian provinces in the future. Additionally, in November, BDSA will introduce forecasts for category-level sales, by channel, for all 13 Canadian provinces and territories. These forecasts provide insight into the expected annual performance of eight major product categories from 2020 through 2025.
For additional insights on the Alberta and British Columbia markets, see our press release.