May 31, 2021

How to Win in the Cannabis Industry | Deloitte Canada

Midas Letter
Midas Letter
How to Win in the Cannabis Industry | Deloitte Canada
/

At the end of 2019, Deloitte Canada acquired Cannabis Compliance Inc. As cannabis became legal in Canada, CCI offered companies risk mitigation, due diligence and regulatory compliance for commercial cannabis producers. As a part of the Deloitte ecosystem, those same services are now provided to over 300 clients worldwide supporting with their biggest business challenges concerning growth, commercial strategy, cost efficiencies, and compliance.

“That’s where the expertise comes in. The license and application is part of it, but understanding where you want to go, why you’re doing it, and how to do it so you’re doing it efficiently and effectively and able to make money on it… I think is the biggest benefit of working with us” – Deloitte Canada Partner Dale Hooper

Dale Hooper, Partner, joined us to highlight growth opportunities for Canada’s cannabis industry and the actions needed to serve today’s cannabis consumers better. As Canada enters its third year of legalized recreational cannabis and examines the next steps for the industry, Deloitte has compiled the 2021 Cannabis Consumer Report with insights into Canadian consumers’ preferences, consumption habits, and behaviours. Studies target specific millennial and Gen Z insights to uncover where the most promising growth opportunities lie for the sector.

Existing consumers comprise the most significant growth market, accounting for an estimated 75% of the country’s cannabis volume consumption. Existing consumers prefer traditional products, but they can also be adventurous, showing interest in multiple formats (edibles, concentrates, etc.)

But in the long-term, it’s the new users that will shape the industry. New users are older, well-educated, and health-focused, preferring CBD products to help with sleep, anxiety, and relaxation.

Watch the full interview to see the rising trends in the cannabis industry and how Deloitte helps cannabis operators win in the short term while preparing for the long term through innovation pipelines, operations and partnerships.

Related Articles

Disclosure

Midas Letter is provided as a source of information only, and is in no way to be construed as investment advice. James West, the author and publisher of the Midas Letter, is not authorized to provide investor advice, and provides this information only to readers who are interested in knowing what he is investing in and how he reaches such decisions.

Investing in emerging public companies involves a high degree of risk and investors in such companies could lose all their money. Always consult a duly accredited investment professional in your jurisdiction prior to making any investment decision.

Midas Letter occasionally accepts fees for advertising and sponsorship from public companies featured on this site. James West and/or Midas Letter may also receive compensation from companies affiliated with companies featured on this site. James West and/or Midas Letter also invests in companies on this site and so readers should view all information on this site as biased.