Medical Cannabis In Canada Faces Decline: What's Behind The 38% Drop In Registrations?
Portfolio Pulse from Joana Scopel
Canada's medical cannabis market has seen a 38% drop in patient registrations since the legalization of recreational marijuana in 2018. The number of patients registered with federal licensees fell to 212,700 in March from 345,520 in October 2018. Medical cannabis expenses for H1 2023 were CA$185 million ($135 million), similar to 2016 levels. Despite the domestic decline, Canada's medical marijuana exports grew by 50% to CA$160 million in 2022-23. Tilray Brands Inc's CEO, Irwin Simon, emphasized the importance of novel products like cannabis-infused beverages and foods in driving growth.
September 13, 2023 | 7:39 pm
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Tilray Brands Inc may see potential growth opportunities despite the overall decline in Canada's medical cannabis market. The company's CEO, Irwin Simon, highlighted the importance of innovative products like cannabis-infused beverages and foods in driving growth.
The decline in Canada's medical cannabis market could potentially impact Tilray's domestic sales. However, the CEO's emphasis on innovative products as a growth driver suggests that the company is actively seeking ways to counteract this trend. Additionally, the growth in exports could provide an alternative revenue stream for the company.
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