In a recent report by Zuanic & Associates, a comprehensive analysis of Canada's cannabis industry highlights both promising growth trends and concerning gaps in comparison to the United States.
The data reveals that while Canada's cannabis market is experiencing decent growth, it falls short in terms of per capita spending and market share when compared to some of the top US states.
Pablo Zuanic, from Zuanic & Associates, is set to take the stage as a featured speaker at the upcoming Benzinga Cannabis Capital Conference in Chicago on September 27 and 28.
Encouraging Growth Amidst Per Capita Disparity
According to the report, Statistics Canada recorded a 6% month-over-month increase in June retail sales, totaling C$426.6 million. Year-over-year sales surged by an impressive 13%, aligning with the growth pace seen in previous quarters.
However, with a population of nearly 40 million, Canada's annual per capita spending amounts to just US$95 (C$128), significantly lower than states like Michigan (US$317) and Colorado/Massachusetts (both in the US$200s range).
Medicinal Cannabis Struggles In Canada
The medicinal cannabis sector in Canada also faces challenges. In 2022, total medical cannabis sales amounted to C$407 million, resulting in a per capita spending equivalent of US$8 across the entire population.
This figure falls far behind the best-performing US medical cannabis programs, such as Missouri (US$54 per capita) and Arizona (US$45), which benefit from advantageous tax structures for patients.
Interestingly, even in states without recreational programs like Pennsylvania, the per capita spending equivalent is higher at US$114.
Meet Pablo Zuanic at the upcoming Benzinga Cannabis Capital Conference, the place where deals get done, which is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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