Now that Canada is well into year one of legalization and the preparation for cannabis edibles is underway for both regulators and the industry for October 17, 2019, Canadian cannabis businesses have started to explore the potential of the global market.
In September 2019, Canadian online community and event producer Lift & Co. will be hosting an international conference in Berlin, Germany. As the European expansion begins with conferences and moves into supply and investments, Canada may be left in a bit of a standstill.
The Canadian cannabis industry still has a long way to go to approach full maturity. Investments and financing are becoming challenging. The backlog of hundreds of license applications has caused delays and frustration, and “companies are stockpiling, choosing to forgo revenue today to ensure they have enough supply for the new high-value” edibles and other alternative products (Financial Post).
However, this challenge presents a significant opportunity. In particular, within the processing sector of the cannabis industry, supply – and more importantly – quality supply, is needed in Canada. A recent report from Deloitte based on a survey of 2,000 adult Canadians online between Feb. 26 and March 11 of this year, estimated the Canadian market for edibles and topics is worth $2.7 billion. The right partnerships between processors, producers, and investors will prove beneficial to consumers, industry, and alike shareholders.
We at Grow Tech Labs aim to be a central figure in creating and nurturing these key partnerships for the success of the Canadian industry, and beyond.