A new report says the Canadian cannabis industry is continuing to show signs of slowing growth and market consolidation.
The report, compiled from data from cannabis retail digital platform Hifyre and Statistics Canada, was prepared by Zuanic & Associates, an advisory firm specializing in the cannabis and consumer packaged goods industries.
Figures from Hifyre show total cannabis sales (non-medical) grew 4% in the first quarter of 2025, compared to just over 6% growth for all of 2024, and down from mid-teens growth in 2022 and 2023.
The top three Canadian cannabis companies held a 27% share in the first three months of 2025, down from 31% in the same period in 2024.
This is similar to sales figures from Statistics Canada, which show that the exponential growth of cannabis sales in the first few years of legalization slowed considerably in the last few years. Despite these declining increases, sales in December 2024 reached a record high. Those sales again dropped 5.7% in January 2025, following seasonal retail trends, but were still up 5.4% compared to January 2024.
However, while Statistics Canada’s numbers show just about 1% growth in 2024, HyFire argues that the Canadian federal government’s sample sizes are too small, instead estimating a 6.4% growth in retail cannabis sales in 2024.
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