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February 18, 2020

How Will “Cannabis 2.0” Affect the Legal Canadian Market?

Canada Map BDS Analytics

As part of our partnership with ACCRES, BDS Analytics’ President and Co-Founder, Liz Stahura, recently presented a Cannabis 2.0 webinar for Canadian Retailers. Here are our Top Five takeaways:

 

  1. There’s a lot to be learned from the U.S. markets. Canada may have been first when it comes to federal legalization, but Canadian retailers still have the opportunity to learn from early US markets’ successes and challenges. The lessons learned from the surge growth of brands, product innovation and consumer preferences are invaluable and ultimately, incredibly profitable. There’s a lot to be learned from the mistakes as well—from investment to regulation, there are plenty of pitfalls to avoid.
  2. Consumers are evolving. The percentage of Consumers among the Canadian adult legal population has grown from 54% in 2018 to 63% percent in 2019. Further, the Acceptor™ populations has grown from 26% to 35%.
  3. It’s only going to get bigger. The combination of consumer growth paired with Cannabis 2.0’s new product rollout results in big opportunities for retailers and brands to innovate for specific consumer segments.
  4. Competition among retailers is about to soar. New consumers, new product categories and inevitable brand growth creates great opportunity for niche marketing, but hyper-awareness of consumer preferences and trends will make a difference when it comes to winning the Canadian retail market.
  5. The key to success lies in the data. BDS Analytics’ GreenEdge® retail Sales data helps retailers to:
    • Determine which product, categories and brands to stock AND how to price them
    • Measure store competition in comparison to local and overall market
    • Build the most value for your marketing efforts
    • Stay ahead of market trends
    • Simplify sales operations
    • Boost revenues

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