The future of Canada’s cannabis industry may not be as rosy as once believed after one research firm cut their estimates for the outlook on the country’s burgeoning marijuana market.
Cannabis industry research firm BDS Analytics said Canada’s cannabis market is expected to grow to US$5.2 billion by 2024 up from US$569 million last year. While that growth reflects a relatively strong compound annual growth rate of about 44 percent over the next five years, it also is shy of BDS’s previous January forecast of the Canadian market of US$5.9 billion by 2022.
“Everybody was somewhat taken aback at how Canada hasn’t exploded the same way it did in Colorado, Oregon and California,” said Tom Adams, managing director of BDS Analytics, who was a lead author of the report released on Tuesday.
