Cannabis Sales Milestone: Since the legalization of cannabis in October 2018, Canadian cannabis stores have achieved substantial economic success, with sales surpassing $16 billion, highlighting the significant commercial impact and consumer demand within the country’s legal cannabis market (StratCann).
Cannabis Destruction Record: Canadian cannabis operators destroyed an unprecedented amount of legal cannabis in 2022 and 2023, totaling 3.7 million pounds. This action reflects issues with oversupply and market saturation, prompting discussions about production practices and inventory management within the industry (Ganjapreneur).
Sector Valuation and Decline: The Canadian cannabis sector saw a valuation peak of $10.8 billion in 2023 but has faced a subsequent decline. The industry is reflecting on the lessons learned and the growth achieved since legalization, considering how to adapt to the evolving market and consumer needs (Statistics Canada).
British Columbia allows promotion of outdoor cannabis consumption areas: In British Columbia, landlords and strata corporations have the legal authority to set rules regarding smoking cannabis within their properties. This includes the ability to ban smoking inside units and on balconies to protect the health and safety of residents. However, a recent announcement has indicated that British Columbia is allowing the promotion of outdoor cannabis consumption areas. This is seen as a move to improve hospitality and tourism business opportunities, suggesting a more relaxed approach to cannabis use in certain outdoor settings. (MJ Biz Daily, Smoke-Free Housing BC).
