Canadian exports of medical cannabis hit an all-time high last year as the county’s licensed producers continue to diversify from the competitive local market in favor of pursuing top-line opportunities overseas.
In the 2023-24 fiscal year, Canada exported roughly 218 million Canadian dollars ($189 million) worth of medical marijuana products for commercial and scientific use, MJBizDaily has learned.
That’s an increase of more than 36% from the previous year’s exports of CA$160 million.
The data from regulator Health Canada paints a picture of brisk and consistent growth in the export sector.
In previous years, the revenue of cannabis exports reported by licensed producers was:
Health Canada said the 2023 data is subject to revision as it continues to be validated.
Some Canadian cannabis companies have looked to capitalize on opportunities overseas, in part to dodge a multitude of hurdles in their home market.
Those challenges include an onerous excise-tax regime imposed on the industry by the federal government as well as provinces gouging businesses via government-owned wholesalers, according to experts.
Deepak Anand, principal of ASDA Consultancy Services in Surrey, British Columbia, suggested that Canadian marijuana producers benefited from a first-mover advantage after Canada legalized marijuana in late 2018.
“On the one hand, Canada’s reputation for producing high-quality cannabis products at competitive prices has positioned it as a preferred supplier in the global market,” he said.
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