With the next phase of cannabis products coming to shelves in Canadian cannabis stores in 2020, 3 million new consumers are expected to enter the cannabis market according to a survey conducted by EY Canada and Lift & Co.
By the time provincial bodies put out their requests for proposals, procure edibles, extracts, and topicals, and get ready to distribute these new products, it will likely be late in Q1 or Q2 of 2020 before many of these products will be in stores.
“New product offerings will open the doors for experimentation among current and non-consumers giving cannabis companies the opportunity to capture a larger market share,” says Monica Chadha, EY Canada Cannabis Leader. “But companies should keep in mind that these consumer segments will have very different attitudes towards cannabis and product formats, ultimately driving the need for differentiated customer experiences.”
18% of adult Canadians are currently consuming cannabis, according to Statistics Canada, and 12% of non-consuming adults are anticipated to start consuming after Cannabis 2.0 products are introduced into the market.