Canadian cannabis market outlook scaled back amid early legal growing pains
The bloom may be coming off the cannabis flower in Canada after one research firm cut its outlook estimates on the country’s burgeoning pot market. Cannabis industry research firm BDS Analytics said Canada’s pot market is expected to grow to US$5.2 billion by 2024 up from US$569 million last year. That’s revised lower from the firm’s previous January forecast, which predicted the Canadian market would hit US$5.9 billion by 2022. BDS attributes the reduced forecast to limited physical retail distribution, a complex supply chain, low availability of “non-flower” products and an increasingly active illicit market that continues to flourish in the country.
Harvest expands U.S. footprint with CannaPharmacy acquisition
Harvest Health & Recreation, fresh off its acquisition of Verano Holdings, isn’t sitting still in the M&A space. The Phoenix-based company announced it will acquire CannaPharmacy for an undisclosed sum, a deal that will add cannabis licences in Pennsylvania, Delaware, New Jersey, and Maryland to Harvest’s U.S.-wide portfolio. Once the deal closes, Harvest will hold licenses that allow it to operate up to 213 facilities, including 130 retail dispensaries across the U.S. Harvest expects that the transaction will be accretive to its 2020 revenue and EBITDA, the company said in a release.
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