This is always an exciting time of year in the cannabis industry. “Croptober”—the peak harvest period for many outdoor cannabis cultivators in the U.S.—has about wrapped up, financial planning for 2019 is in full swing and the holiday season is swiftly approaching.
Our northern neighbors are also experiencing excitement this fall: Adult-use cannabis rolled out across Canada Oct. 17, and the country’s first cannabis shortage soon followed. (As has happened in several legal markets.)
USA Today reports that the province Quebec alone saw 12,500 in-store transactions and 30,000 online orders in its first day of sales. According to Global News, Nova Cannabis—which operates five stores in Alberta—made $1.3 million in sales its first day. In total, 172,000 cannabis orders were processed across five provinces, including Ontario and Quebec, Oct. 17, reports BNN Bloomberg.
Also according to BNN Bloomberg: While stocks have “fallen consistently” since adult-use legalization (at press time)—DBRS, a globally recognized credit ratings agency, has projected that the market could be worth $4 billion to $6 billion annually (starting in its first year of legalization). We’ll be watching as Canada continues to see growing mainstream interest (i.e., additional major investments and large corporate brands partnering with the country’s largest producers), as well as international growth.
There’s plenty American cultivators can be jealous or fearful of when looking north—but that shouldn’t overshadow what we can do collectively to continue advancing the cannabis industry and the understanding of this complex plant we still know so little about.
We can immerse ourselves in research and development (R&D) to continue to build on the knowledge base of cannabis’ capabilities. “We have to start to lean into this unbelievable complexity, knowing full well this is really the most phytochemically complex plant to interact with,” says the science-driven Jeremy Plumb of Pruf Cultivar in this month’s cover story.
For those inspired by Pruf’s story, Université Laval researcher James Eaves shares how to set up a proper R&D trial in your own facility in CBT’s third-annual “State of the Cannabis Lighting Market” report—one of CBT’s contributions to industry research.
And Plumb will be a keynote speaker at the third-annual Cannabis Conference, held April 1-3, 2019, in Las Vegas. He will be one of many industry pioneers to speak at this unique event, which unites the plant-touching businesses in the global cannabis industry.
At the event, science and cultivation strategies will be joined by a significant focus on cannabis cultivation and dispensary business insights and strategies. Canada’s advancement, and what it means for the future of U.S. and global cannabis economies, will also be covered in great detail.
As Tim McGraw says in “Where Are They Now”: “When you bring together some of the brightest minds in the industry, innovation happens.” So let’s make it happen.