Cannabis has been legal for medicinal purposes in Canada since 2001. In October 2018, however, the Liberal government legalised its use for recreational purposes, opening up a huge new market.
Speaking at MRS Impact (London, March 2019) Sung Kang, former CMO at VIVO Cannabis, explained that for any business in the market, demand outstrips supply to such an extent that every one of them sells lots. “Sales are not a good metric” for success, he observed.
But there is an enormous opportunity for any company, such as VIVO (formerly ABcann) to sell. Euromonitor’s Seeing the Buds for the Weeds report on the global cannabis market estimated that Canada’s domestic herb market could be worth as much as US$8 billion by 2020; across all of North America, the market is expected to top $20 billion by 2020.