Future of Alberta’s Cannabis Industry
Ever since cannabis became legal in October 2018, Alberta has been one of the leading markets of the country. There are many reasons for this, and the credit goes to the provincial government. It made it easy for consumers to access the products, it promoted local retail stores, and it also took a progressive approach to the entire industry. The result? An ever-maturing cannabis industry in Alberta that is quickly rising as one of the forerunners of legal cannabis markets in the world. With this, the question arises, what does the future hold for this booming industry? The answer.
Growing Retail Outlets
Unlike other provinces where the governments hold monopolies over the cannabis market, the cannabis industry in Alberta is quite open. The government’s free hand to local companies has hence become one of the reasons why the market is brewing rapidly. Edmonton has 70 stores, and Calgary has 97 (stay tuned as we list them on our website), and Alberta Gaming, Liquor, and Cannabis has approved over 300 more retail outlets. According to its vice president, Dave Berry, this number is likely to grow further, and it is projected that in the next two years, there will be over 500 retail outlets in Albert. So this market is an excellent investment for newer companies.
Innovation with Cannabis Products
With so much freedom given to the cannabis industry in Edmonton, many local companies have started experimenting with their products. What once used to be a market of only buds and oils, is now growing into other experiments. Cannabis is hence not just related to wellness products, but the products are not being infused with other services. There are various talks and predictions of cannabis cafes serving cannabis-infused meals and beverages, and cannabis lounges, in the future. This will surely set the cannabis industry of Alberta apart from the rest of the country, as a trendsetter of the industry.
Rising Demand for Cannabis Products
Alberta is quite an open province when it comes to cannabis consumption; around 60% of Albertans either consume or lean towards consuming cannabis. Over 2.5% of Albertans consume medical cannabis products, as opposed to 1% for other provinces. That is, Alberta is one of the biggest consumers of cannabis products, rivalling Quebec and Ontario despite having a fraction of the population in comparison. With such acceptance and the open market, people are finally letting go of illegal sources and moving to licensed outlets. This is creating a rise in demand for cannabis products, which is, in turn, making the companies work harder to innovate.
Prominent Hemp Industry
Alberta also has been one of the most prominent players in the hemp industry, and with legalization, this game has only gotten easier for the province. The hemp industry’s exports are expected to go from $140 million to $1 billion in the coming years. Alberta used to only sell seeds to food markets in the USA and Asia, but now, the market has a chance to cater itself. And with thousands of uses for hemp, this particular industry is only set to grow from here on as the world moves towards an eco-friendly future.
The cannabis market made over $30 million between 2018-19, but now, it is expected to earn over $84 million in 2022-23. This is a drastic growth. With such growth, undoubtedly, the market is likely to become one of the world leaders when it comes to cannabis. And this only spells excitement for users who are going to see massive innovations in the cannabis and hemp products soon! But one thing we can assure you, we will bring the best of hemp and cannabis suppliers and dealers to you.