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.