Trends in the Cannabis Industry
The cannabis industry is relatively young in North America. And although it shares many points in common with the pharmaceutical industry, it comes with its own set of challenges and constraints, including that of being rapidly changing. Cannabis companies and their ancillary partners need to be innovative and flexible to keep up with the rapid pace of change.
Main challenges for the cannabis industry in 2021
- Applications and permits for the cultivation and sale of marijuana take over a year.
- The types of products legal to consume – flowers and oils – are nowhere near enough to keep consumers away from the black market when the cost is almost twice as high (edibles and concentrates were approved for sale in October 2019).
- The growth of the medical market has slowed down to be essentially stable.
- Confusion and cost are the two most frequently cited reasons for not buying in the legal market among the 60% of Canadians who use cannabis.
- Lack of brand awareness and preference.
- Advertising will continue to be almost as restrictive as tobacco.
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