Canadian recreational cannabis sales were worth 5.07 billion Canadian dollars ($3.8 billion) in 2023, an increase of 12.2% compared to 2022, according to government retail sales data released Thursday.
The year-over-year retail trend marks a slowing growth rate for Canadian cannabis sales as the market matures, more than five years after adult-use legalization in October 2018.
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In 2022, annual marijuana sales increased by 17.9% compared to 2021, reaching roughly CA$4.5 billion.
“I think it’s a natural slowing,” said Brad Poulos, a professor of entrepreneurship at Toronto Metropolitan University who studies the Canadian cannabis industry.
The vast majority of growth in legal cannabis sales comes from consumers transitioning from the illicit market, Poulos said.
Going into 2024, the illicit market still controls roughly 40%
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