(This is the first in a two-part series about Canada’s medical cannabis exports. Part 2 will explore where those exports are going.)
Amid declining medical cannabis sales in Canada’s domestic market and cutthroat competition in the adult-use industry, some licensed producers are increasingly looking to overseas markets for a financial lifeline.
Exports continued to surge in the 2022-23 fiscal year, with Canada shipping medical cannabis products worth 160 million Canadian dollars ($118 million) overseas, a 50% increase over 2021-22’s CA$107 million, according to figures shared by Health Canada with MJBizDaily.
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David Hyde, CEO of Hyde Advisory & Investments in Toronto, believes Canada will have a leg up over competing export countries for a few more years.
“For the next two or three years, at least, we’re going to see continually increasing medical numbers (exports),” he said in a phone interview.
The brisk export growth comes as
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