Cannabis-sector CEOs are bullish about the prospect for sales once Canada legalizes marijuana and say that the market will soar far above many estimates.
At the Arcview Group’s cannabis investment conference on May 2, the CEOs of three Canadian cannabis companies were united in predicting the legal cannabis market in Canada will fast outpace expectations.
A recent New Frontier Data report pinned the domestic cannabis market in Canada at $9.2 billion by 2025, sustained by higher average medical consumption. More conservative estimates pin federal sales at $4.5 billion by 2027.
“$4.5 billion is a very low number,” panel member Mike Gorenstein of Toronto-based Cronos Group said at the conference.
“I’d be very surprised if it’s not higher than that.”
A CIBC study released May 7 provided a detailed analysis of why its authors believe the Canadian cannabis market will reach $6.5 billion in retail sales by 2020. That is