Canadian edibles, topicals market worth $2.7B, on top of existing pot: Deloitte
A new report estimates the Canadian market for edibles and next-generation cannabis products is worth roughly $2.7 billion.
Consultancy Deloitte says annual spending in Canada on edible pot products, such as cannabis-infused beverages and confectionery goods, is estimated to hit $1.6 billion of that total once legal.
This spending is on top of the roughly $6-billion estimated domestic market for existing recreational and medical cannabis products.
Deloitte's survey suggests consumers plan to shop for edible forms of pot products in addition to, rather than replacing, the dried flower and oils they've been buying from legal retailers since last fall.
However, the poll of 2,000 Canadians suggests consumers see topical weed-infused creams as an alternative to prescription medications, not a complement.
Canada is gearing up to legalize cannabis infused foods, beverages, topicals and other next-generation products in the coming months, once the government rolls out the final regulations.