The introduction of Cannabis 2.0 products resulted in high demand from recreational consumers. With stores processing thousands of transactions, the demands will only increase exponentially over time.
“Stores are selling out of the pot-laced gummies, cookies and chocolates — as well as new vape and tea products — as soon as they hit the shelves, several proprietors say.”
Cannabis 2.0 was supposed to be the next revolutionary step in the evolution of the recreational marijuana market. The promise of THC-infused drinks, chocolates, cookies, soft chews and even tea bags haven’t come to fruition, with products reaching the market slowing and thus leading to lower than expected sales results.
Although cannabis producers were legally able to produce Cannabis 2.0 products as of Oct. 17 2019, it took over two months before products were cleared by Health Canada for retail sale. Once these products were available in the market, consumers are continuing to turn to the gray and black market for the product variety and lower price point.
The only certainty is market demand will continue to increase for Cannabis 2.0 products. The Ontario Cannabis Store alone had 2,000 transactions processed an hour after 70 products were introduced online in mid January. How will the first year of this new cannabis world play out? Will the market be able to match demand for a variety of cannabis-infused products?