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Cannabis sales in Canada expected to double next year to $3.16B: analyst

Canaccord Genuity cannabis analyst Matt Bottomley expects revenue in Canada’s legal pot sector to more than double next year despite slower-than-expected growth. Bottomley said in a research note to clients that Canada’s cannabis industry should expect $3.16 billion in revenue in 2020, up from the $1.46 billion forecast for 2019. He added Canada’s cannabis retail figures should see a five per cent reduction in overall sales in September from the prior month to $121 million, but said subsequent growth should advance at a five-per-cent monthly clip. Bottomley expects growth in the recreational market to increase by just 7.5 per cent in 2020. Alongside its latest estimates for the Canadian cannabis industry, Canaccord’s analysts have revised sales projections for some of the country’s largest licensed producers such as Canopy Growth, Aphria and Aurora Cannabis.

By David George-Cosh – BNN Bloomberg
Read More Here: www.bnnbloomberg.ca/sales-in-canada-s-pot-sector-forecast-to-hit-3-16b-in-2020-amid-slower-growth-canaccord-1.1340822

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