Canada’s Edibles Market Will Be Worth More than Most Major League Baseball Teams: Report
A new report found that the upcoming Canadian market for cannabis-infused edibles and goods could be worth as much as C$2.7 billion (US$2 billion) annually once it launches. That’s more than most Major League Baseball teams, including the Atlanta Braves, Texas Rangers and Canada’s beloved Toronto Blue Jays.
This fall, Canada is set to legalize and regulate a variety of cannabis-infused products this fall including topicals, food and drinks. And these products are looking like big business for the Canadian cannabis industry.
The report — issued by Deloitte, one of the world’s preeminent accounting firms — shows that the biggest income generator will be marijuana-infused foods. That segment is projected to net C$1.6 billion annually (US$1.2 billion). Infused drinks could pull in as much as C$529 million (US$394 million), with the rest of the cash being divided between other cannabis-infused products.
While the potential is huge, Deloitte warns that the industry could take as much as two years before it can reach peak performance.
“This is going to be a very profitable industry, but if you expect to make money overnight, it’s not going to happen,” Deloitte’s global cannabis practice leader Jennifer Lee told Financial Post.
Additionally, while Canada will have an early start on this burgeoning industry, global markets could quickly surpass Canadian revenues.
“I believe we only have 18 to 24 months to continue that leadership,” said Lee. “It’s going to quickly become the Europeans or the Americans and I’m bullish on both.”
However, Lee also said that anyone concerned that the introduction of the cannabis edible market will reduce profits from other cannabis product sectors shouldn’t have much to worry about. She said that “nearly half” of the cannabis consumers they polled for their research said “they’ll buy edibles as well as the products they’re already buying.”