Ever since Canada legalized marijuana in 2018, the supply side of the market greatly suffered given the rise in demand. As the number of businesses across the country increased with time, assessing where public interest currently stands within the market becomes vital.
A recent Health Canada report revealed that the country’s cannabis oil sales have greatly suffered, with a possible problem of “over-supply,” discloses news outlet, Leafly. This is something to consider, as the country has announced plans to legalize edibles, concentrates and other similar delivery mechanisms by 2020.
Here are some of the highlights shared from the survey, dubbed, “the National Cannabis Survey”:
- Total sales of dried cannabis increased by 4.7% in June 2019 compared to May 2019
- Total sales of cannabis oils decreased in a month’s time by 2.1%
- Dried cannabis (both finished and unfinished supply) is deemed 31.3 times larger than sales in that month
- Cannabis oil inventories are 14.7 times larger than total sales
- Compared to May, June witnessed a 22.5% increase in total amount of finished dried cannabis products on hand
Interestingly federal license holders appear to favor more so on oils rather than dried cannabis. To be more specific, finished inventory supposedly increased by 6% for the dried cannabis, versus 21.9% for cannabis oils.
When making the comparison between medical and non-medical sales, medical sales appears to have decreased in both dried cannabis and oils, whereas non-medical sales saw a rising demand for both in June 2019 compared to May.
To take a closer look at this quarter’s cannabis tracking, visit here.