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Canadian Cannabis Compendium

THE COWEN INSIGHT

Herein we provide a detailed 2020 Year in Review for Canadian cannabis. We break down LP performance and brand share across form factors and key provinces.

Ontario Door Expansion Key Driver

Canada added over 600 locations in 2020 to 1,373. These are highly concentrated in Ontario, Alberta and British Columbia. Retail store expansion in Ontario will be a meaningful near-term driver of market growth. This will increase its door count by nearly 3x to at least 1,000 locations in 2021. As such, Ontario could represent ~80% of total market growth, inclusive of store cannibalization.

Highly Fragmented Market

The top three LPs combined represent an aggregate 41% share, with a very long tail. While there is clear market dominance, the next five players only represent 27% of category sales. In addition, brand equity is still in the infant stages. No brand holds more than a 7% market share across all categories.

Video Transcript

Hi. I’m Vivien Azer, Cowen’s Cannabis, Beverages & Tobacco Analyst coming to you today with our Ahead of the Curve® piece on the Canadian Cannabis market. In this report we offer a deep dive on the $3BN Canadian cannabis market – including specific details on all the major operators, including licensed producers, as well as all the key geographies at the provincial level.

We’re raising our estimates by 9% for 2021 as the market continues to gain momentum. That is being driven by the introduction of more valued priced flower offerings, as well as the introduction of vapes, beverages and edibles. Thank you for joining us.

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