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Top seven Canadian cannabis stories of 2023

Media Partners, Stratcann

This post is presented by our media partner Stratcann
View the original article here.

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Numerous hot-button issues emerged in the Canadian cannabis industry in 2023. Among the many topics we covered, we’ve compiled this summary to put these issues at your fingertips.

THC Inflation

The accuracy of THC amounts advertised on cannabis products has long been in question. The issue only grew more controversial in the past year, with Health Canada launching a new data-gathering program on cannabis markets in Canada that will include sampling and testing of both legal and illegal products, the OCS announcing a THC testing pilot project in January 2024, and industry continuing to provide their own results showing which products have the most significant variance from label claims.

Here’s some more of StratCann’s coverage of the issue in 2023:

Bankruptcies, lay-offs, and closures

Bankruptcies, closures, and licence revocations have also been a common theme in 2023 as the cannabis industry experiences serious economic challenges along with broader economic challenges not only in Canada but around the globe. Here are a few of those stories as captured by StratCann.

Edible Extracts

Edible or ingestible extracts was also a hugely popular topic in 2023, with Health Canada beginning a long process of pushing back on an array of products in the market that they say are not compliant with federal regulations. We wrote about this so much we had to create it’s own article. You can read all about it here:

Flower still dominates

The cannabis market in Canada continued to evolve as it entered its fourth year in 2023, with new products emerging and consumer trends continuing to shift away from cannabis flower. National and provincial reports consistently show dried flower SKUs beginning to lose some market share to extracts, especially vape pens and infused pre-rolls. 

In Ontario, while dried flower continues to represent the most prominent sales category, accounting for 42.7% of revenues in 2022–23 (compared to 53.9% in 2021–22), the OCS saw growth in other product categories, notably vapes and concentrates, and pre-rolls.

In BC, a similar theme plays out, with dried flower and pre-rolls combined still dominating sales, but inhalable extracts—especially infused pre-rolls (classified as an extract) and vape carts—continue to eat into their market share. Consumers are also continuing the shift to larger volume dried flower offerings, while 3.5 and 7-gram SKUs remain the most popular overall. 

Nationally, we see similar figures. Headset’s data also shows the trend of flower’s dominant market share taking a hit with the growth in pre-rolls and cannabis extracts, especially vape pens and infused pre-rolls. Cannabis flower sales decreased by just under 16% in the last year (ending May 2023), while pre-roll sales increased by more than 23% in the same period. 

Taxes!

Cannabis Exports

Cannabis surplus

Too much weed! While the surplus of cannabis in the market appears to finally (potenitally) have peaked, it’s still an industry wide challenge, driving prices downward.


This post was originally published by our media partner here.

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